I am seeking a loan for $125,000 (for 6 months) or up to $500,000 (for 2 to 3 years).
Backed by equity in a *SECOND* LIEN POSITION on a $2.5 million property with a $1.146 million mortgage. Property is a 26-acre estate in Loudoun County, VA, the wealthiest county in the country according to Forbes.com. The property has been in our ownership since 2006. For the past 5 years, used as a busy vacation rental for wedding guests with an apartment rented on annual lease to caretakers.
Funds requested on the lower end to be used for repairs and debt consolidations to better position us to acquire a commercial second through a traditional lender. With the funds from the traditional lender, we will add to the property an additional unit to be used as a regular (non-vacation) rental and improve the stable facilities for annual rental along with the rental house. We also intend to open a wedding venue with the funds and possibly a dog kennel.
Money on the upper end would be to add directly the second unit , improve the stable facilities, and handle the dog kennel and wedding venue start-up.
Property Value = Appraised at $2.5 million in May 2022. We also an offer on it for $2.7 million with a $300,000 escalation should we choose to sell.
Mortgage = $1.1456 million (we will not refinance the first mortgage because its interest rate is so low).
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