Updated over 3 years ago on . Most recent reply
Hotel to Condotel Conversion
Curious if anyone would be interested in doing this.
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Hotel To Condotel Loan Property Status Rehab Mode Approx 50% Of Units Completed Current Purchase Price $7 million $7 million/130=$53,846 per unit purchase price Nearby Rental Income Per Unit Is $1,280 per month $1,280x130=$166,400 Gross Monthly Income Gross Yearly Income Is $1,996,800 Gross Income Over Life of Loan With No Rate Increases $59,904,000 8.5% LTV $59,904,000/130=$460,800/360=$1,280 Average Daily Rental Income Amount Insured $43.64 |
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Loan Amount: (75% of $7 million) $5,250,000 |
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Loan Interest Rate: 7 % |
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Loan Term: 30 years |
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Monthly Principal: $14,583.33 Yearly Principal $175,000.00 Monthly Interest: $30,625.00 Yearly Interest $367,500.00 Monthly Tax Amount $7,583 (130x700) Yearly Tax $ 91,000.00 |
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Number of Payments: 360 |
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P/I Cumulative Payments: Yearly $542,500 Lifetime of Loan: $16,275,000 |
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Total Interest Paid: $11,010,000 |
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Use of Funds: $1,250,000 million to investor/owner $ 4 million used to cover monthly expenses for 48 months while conversion is completed. $ 14,583,00 Principal $ 30,625.00 Interest - $ 13,000.00 Electric Monthly - $10,000.00 Conversion Costs Monthly - $ 5,000 Insurance Monthly - $ 5,000 Office Help Monthly $78,208,000 x 48=$3,753,984 |