Successful hospitality business owners sought a 1st TD Business Purpose Cash-Out refinance on their multi-million dollar Motel 7 West in Redlands, CA. The borrower’s family have owned this property since 1982. Proceeds from the loan will pay off an existing $650,000 1st TD, provide funds to paint the property and slurry the parking lot and also pave the way for a new venture; the borrower plans to use the funds for the down payment on a brand new, approved, TownePlace Extended Stay Suites by Marriott hotel in the city of Hemet, CA.
This subject Motel subject property is a 32-unit motel that’s sits on 21,500 square feet (0.49 acres) of land and contains 33 onsite parking spaces. The building itself is 8,032 square feet. The motel is located in a very busy part of Redlands close to the 210 and 10 freeways and is surrounded by numerous restaurants, fitness centers, shopping malls and retails stores.
What we like about this Trust Deed opportunity:
· Experienced hospitality owners
· Very popular area
· 9.50% Investor yield
· 6 months guaranteed interest
· 3 months prepaid interest
· 60% Loan to Value
· Income generated from the Motel alone exceeds $30,000 per month
· Multiple exit strategies
