Large Commercial Nonperforming Note

These two notes are nonperforming but the right buyer can see a goldmine this seller is very motivated.

Cash 4 Your Mortgage

NOTE 1

Orange Beach, Alabama
PROPERTY OFFERING 27,000 SF on 2.68 AC lot
YEAR BUILT 2008
TENANT Student Life, Inc.
TERM 10 years
LEASE COMMENCEMENT.May 15th  2009 
Student Life leases building from May 15th to August 15th
 
Tenant allowed 20 additional days throughout the year with 12 months prior written notice

OPTION TO TERMINATE After 5th year of occupancy with penalty of $480,000
GROSS LEASE RATE Years 1-5  $402,000
Years 6-10   $480,000
 

NOTE 2

Orange Beach, Alabama
PROPERTY OFFERING  90 units measuring 139,095 SF
within an 11-story, 190 unit condominium at “The Wharf” Resort

UNIT MIX:
3 one-bedrooms /50 two-bedrooms /35 three-bedrooms /2 four-bedrooms
YEAR BUILT 2007
AVERAGE REAL ESTATE TAXES $2,819.39 per unit
HOA AND CLUB DUES Average ±$723 per month includes ownership at The Armada Club
DEVELOPER EXISTING CONTRACTS $260.18 PSF, per unit
OUTSTANDING LOAN BALANCE $22,811,538