Ion a private elementary school in Ormond beach Florida and I own the 50,000 sf school building. Need working capital for sunrise school Which opened in January of 2024 with 30 students. We expect 200 in August. If we are tuition-free thanks to Florida school choice. My building has 22 classrooms ready to go for 400 students.
We are a Waldorf inspired school. My head of school has built 2 other Waldorf enrichment schools. She has 25 tours scheduled in the next 2 weeks.
I bought the building in 2013, were largely a pre school. My first mortgage is $1.39 million, $11,275 per mo. It's too big a building for a preschool. It's a perfect elementary school. If school is in session. I meet payroll an accept tuition.
We expect 200 students in August, that generates a cash flow to me of $100,000 per month.
I would consider a $325k second mortgage or a first mortgage of $1.75 mil at 10 % where you would pay off the first.
My credit scores are 735.
In 2016 my preschool here Cash flowed $80000 per month. On 2016 I installed a new white elastomeric roof and 11 new Daiken 10 ton rooftop units. New paint inside an out. Newly stripped and waxed vinyl floors. There is no deferred maintenence.
Sunriseschooloformondbeach.com
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