Hi,
3-Restaurant Package near Tampa:
- Address: 815 8th Ave W, Palmetto, FL 34221 (Popi's II)
- PP: $4.5MM
- Loan Request: $1.35MM
- Monthly Gross Revenue: $150k/month
- Address: 10508 US-41, Palmetto, FL 34221 (Popi's III)
- PP: $3.9MM
- Loan Request: $1.17MM
- Monthly Gross Revenue: $133k/month
-Address: 3911 US-301 N, Ellenton, FL 34222 (Popi's IV)
- PP: $3.4MM
- Loan Request: $$1.02MM
- Monthly Gross Revenue: $173k/month
The seller will carry the balance for the deal which will result in a CLTV of 100% with the LTV of your 1st position mortgage at 37% of the real estate value and 30% of total purchase price. *The business and equipment are included in the purchase.
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Refinance:
My client is seeking an investor to provide a 1st position mortgage of $300k - $350k for the refinance of an owner occupied restaurant building in Daytona Beach, FL.
There is a seller carried 2nd mortgage of $650k behind the current 1st. They will subordinate again upon refinancing.
The property value is around $700k and there is $350k worth of equipment according to the latest Federal Asset report that was completed for the business.
The business, Sorrento Inc, is made up of two separate LLCs: Nelly's Deli and Sorrento Bakery. Combined they bring in about $35k/month gross.
Reason for refinance: Longer term and better rate.
My client will then pay off the loan or refinance into perm financing as our exit strategy.
Best,
Patrick Speller
931-575-8784 (call/text)
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