Cash out or Refi Commercial Property - USA Only in Newport News, Virginia For Sale

VA: This commercial property was located in Columbus, Ohio. 10% of the units were occupied with residents who are on a HUD Subsidiary Program that is administered through the Columbus Metropolitan Authority (CMHA) and due to the poor, prior management of the property, about $107,000 in unpaid taxes had accumulated. The solution was to provide the owners with an interest reserve of $88,500 (6 months of P&I payments) in order to help service the debt while a new manager stabilizes the property. The proceeds of this loan were used as follows: * pay off the first mortgage of approximately $835,000 * bring the property taxes current * and to get the property cash flowing The exit strategy is to refinance with a bank loan. Let us help you now.