Mortgage lead for Commercial loan in Allendale Charter To, MI, 49401

Loan Request for Commercial loan in Allendale Charter To, MI, 49401

Request #3700707 by Lender

Date Posted

3/21/2024 3:38:47 PM

Property at

Allendale Charter To, MI, 49401, USA Show Map

Borrower at

Property Type

Commercial

Property Value

$3,000,000

Loan Request

$1,500,000

LTV

50 %

Credit Rating

700-719

Loan Purpose

Property Purchase

Purpose

Quick Biz Plan: - immediately reduce payroll; will reduce to $80,000 (two full time employees; self manage, over half dozen parks currently) - discontinue KOA related fees (not contractually obligated to KOA) - remove other expenses non park related (noted in proforma) - increase revenue by running google ads (this has been highly successful on all of our other parks) $1,200 monthly budget Sponsor: Investorade (Blaz Korosec & Blake DeWitt) Address: 8275 Warner St, Allendale Charter Twp, MI 49401 Purchase Price: $2.55M Leverage: 85%+ total (inclusive of 2nd if allowed; $1.1675M+ 1st, plus seller contribution) Closing Timeline: 4/19/24 target (but able to get extension) NOI: current - $160k; proforma w/ expense reduction - $312k

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Loan Request for Commercial loan in Allendale Charter To, MI, 49401