Recently Funded - Former Bank Building
Interested in learning more about this investment? Contact Us and we will be happy to assist you!
Loan Amount: $1,060,000
Collateral: First Trust Deed on 11,640 sq ft former bank building in Lakewood, Colorado.
Purpose: To refinance existing first trust deed.
Property Description: First Trust Deed on 11,640sqft former bank building. Borrower spent the last year remodeling the building and has put over $600k into building since the purchase last year.
Loan-to-Value: 66% (value of $1,600,000) based on an “as-is” appraised value of the property provided by Hultgren Valuation Group in December 2019.
Interest Rate: 11.50% per annum, paid monthly.
Minimum Interest: 3 months minimum interest guaranty. No prepayment penalty after 3 months.
Term: 12 months
Borrower/Guarantor Profile: Returning borrowers whom we have worked with them several times as investors and borrowers. They are experienced real estate investors and developers based in Las Vegas with a $30MM Net Worth.
Loan Servicing: FCI Loan Servicing will provide loan servicing at Borrower’s expense.
RISK DISCLOSURE All real estate markets can be negatively affected by interest rates, availability of capital, supply and demand factors, and general economic conditions both locally and nationally. The investor should review this proposal with these risk factors in mind, and base the investment decision on both existing market conditions and potential changes in the economy, as well as the investor’s personal objectives and risk tolerance.