Recently Funded - Las Vegas Tavern
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Loan Amount: $1,300,000
Collateral: First Trust Deed on 4,672 sq. ft. bar and tavern sitting on .55 acres in Las Vegas, Nevada.
Purpose: To refinance existing first trust deed.
Property Description: The property is leased to a tavern operator with two locations in the Las Vegas area. The tenant made significant improvements to the property prior to opening four years ago. Their monthly rent payment is $9,600.00. The lease expires in March 2020, with a five-year renewal option. Location also has 15 video poker machines.
Loan-to-Value: 65% (value of $2,000,000) based on an “as-is” appraised value of the property provided by Valuation Consultants in November 2019.
Interest Rate: 12.50% per annum, paid monthly.
Minimum Interest: 6 months minimum interest guaranty. No prepayment penalty after 6 months.
Term: 12 months
Borrower/Guarantor Profile: Returning borrower we have helped several times in the past. He is an experienced real estate investor and developer based in Las Vegas with a $25MM 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.