Updated almost 10 years ago on . Most recent reply
Lucrative Loan Request, Income Producing Property in Bay Area CA
I purchased a Residential/Marina property in 2013 for $450,000. The property consists of a single family home(3br 1b), 9 one bedroom units and 26 boat slips. As of today, I have put in over 100k to rehab the units. I currently have 7 units rented out and an additional unit is occupied with my property manager. My existing rents are $6,575 a month.
The potential income for the property is $14,000 a month, you get this number if you include the potential rents from the 26 boat slips, the 3 bedroom house, the last remaining unit and if you decide to rent the unit my property manager is currently occupying.
The property is located in the greater bay area, Oakley.
The only debt on the property is a 1st deed of trust in the amount of 225k. I am looking to refinance the 1st and for additional money to fix up the house, marina (boat slips), the last remaining unit and cosmetic fix up of the property.
I am looking for a 5% (Approx: 550k) 50% LTV loan that will be secured by a 1st deed of trust against the property that should appraise for 1,000,000 with the current net income.
Thank you!