Real estate investor and previous successful MVI borrower is sought a business purpose cash-out 1st TD on this two-unit commercial building in San Bernardino. Funds from our loan are being used for capital and tenant improvements on both the front and rear building.
The subject property is a commercial property in San Bernardino situated on a rectangular and level lot of 15,000 SF. Subject consists of two free standing buildings of Average Class C & D appeal. The front building is 3,012 SF and the rear building is 1,400 SF. There are 18 paved parking spaces available. Use of funds for the capital and tenant improvements is as follows: 3 new ADA restrooms, rubberized torch membrane roof, HVAC, flooring, acoustic ceiling, dry wall, paint, lighting, windows, doors, sealed parking lot. The subject is near the 215 freeway as well as businesses and schools. Exit strategy from our loan is 1) Commercial Loan or 2) Sale of property. Borrower does have a tenant in tow with a 5-year lease at $1,287/month with 3% annual increases on the smaller building.