|DATE OF FUNDING||06/19/2014|
|GROSS LOAN AMOUNT||$400,000|
|LOAN TO VALUE||41%|
|DEBT COVERAGE RATIO||n/a|
|NET NOTE RATE||8.95%|
|TERM OF INVESTMENT||12 Months with 6-month Lockout|
$400,000 FOR THE REFINANCE
OF A COMMERCIAL OFFICE BUILDING IN NORMAN, OK
The borrower sought a $400,000 cash out refinance on a commercial office building with no existing debt. The cash out was used to purchase an investment property under contract with a short closing period.
The property is a Commercial Office Building located in Norman Oklahoma, part of the Oklahoma City MSA. The 5,430 sf structure was built in 2006 on a 20,397 sf corner lot and is situated among other office and medical office properties. The interior has high ceilings and includes a lobby, 2 large restrooms, 11 offices, kitchen/break room, copy room and a private enclosed patio area. The property and the building are in excellent condition and show quality workmanship and pride of ownership. The Borrower purchased the property all cash in 2011 for $900,000. The owner occupies part of the space and leases out additional office space to a local property and casualty insurance firm.