Hotel to Condotel Conversion

[Kathy Utiss]

Curious if anyone would be interested in doing this. 

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

Loan Amount: (75% of $7 million) $5,250,000

Loan Interest Rate: 7 %

Loan Term: 30 years

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

Number of Payments: 360

P/I Cumulative Payments: Yearly $542,500 Lifetime of Loan: $16,275,000

Total Interest Paid: $11,010,000

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