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How To Receive  Commercial Leads

  ABC APARTMENTS - TEST - DO NOT BUY THIS LEAD
345 MAIN STREET
SACRAMENTO, CA

EXECUTIVE LOAN SUMMARY
   
TYPE OF LOAN REQUESTFirst Mortgage
 The property is NOT occupied by the owner's business
AMOUNT OF LOAN REQUEST$2,223,000
TYPE OF PROPERTYApt Building / Multifamily Dwelling
NUMBER OF UNITS88
GROSS RENTABLE AREA34456 sf
NET RENTABLE AREA23340 sf
AGE8 years
 
 
PROPERTY DESCRIPTION
 
88 unit garden apartment project. The units consist of 78 one-bedroom units of 1,112 square feet each plus 10 studios of 836 square feet. The property is in good condition, but the parking lot needs to be resurfaced. The proceeds will be used to resurface the parking lot and install washers and dryers in each unit.
 
 The property is NOT located in a small town/rural area
VALUE OF THE COLLATERAL$3,000,000
LOAN TO VALUE RATIO74.1%
DEBT SERVICE COVERAGE RATIO 2.23 (based on a 4%, 25 year constant)
PURPOSE OF THE LOANCash-out Refinance
INTEREST RATE DESIRED4%
LOAN FEE DESIRED1.00 point(s)
AMORTIZATION SCHEDULE REQUESTED25 year(s)
TERM DESIRED10 year(s)
CURB APPEALI Don't Know
SPECIAL ISSUES
 
The borrower was forced to declare a Chapter 11 bankruptcy when he suddenly inherited in the property from his grandmother, only to find that she was just two weeks from a foreclosure sale. He liquidated some stocks and bonds, brought the loan current, and dismissed the bankruptcy, all within 30 days of inheriting the property. His personal credit has always been immaculate.
 
NAME OF BORROWER #1Steve Smith
TYPE OF ENTITYIndividuals
OCCUPATIONAttorney
ANNUAL INCOME$450,000
NET WORTH$5,000,000 to $10,000,000
CREDITVery Good
CREDIT SCORE760


PROFORMA OPERATING STATEMENT

   
INCOME: (Annual)
 
Gross Potential Income: $476,200
Other Income: $0
Total Income: $476,200
Less 5% Reserve for Vacancy/Collection Loss: $23,810
Effective Gross Income: $452,390
 
EXPENSES: (Annual)
 
Real Estate Taxes$13,200
Insurance$16,750
Management$11,343
Repairs and Maintenance$24,351
Reserves of Replacement$3,450
Utilities$19,803
Other Operating Expenses$46,782
 
Total Expenses: $135,679
 
Net Operating Income: $316,711


PICTURES OF THE PROPERTY

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How To Receive  Commercial Leads



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