Mortgage lead for Commercial loan in Salem, SD, 57058

Loan Request for Commercial loan in Salem, SD, 57058

Request #3745467 by Lender

Date Posted

7/15/2025 8:55:10 AM

Property at

Salem, SD, 57058, USA Show Map

Borrower at

Property Type

Commercial

Property Value

$2,100,000

Loan Request

$1,450,000

LTV

69.05 %

Credit Rating

680-699

Loan Purpose

Property Purchase

Purpose

My client is seeking funding for the acquisition of a 22-bed Assisted Living Facility located at 600 S Hill St, Salem, South Dakota. He is working closely with a highly motivated seller who is looking to move on to a larger property. The property has a current NOI of approximately $145,000 with potential to increase up to $200,000. The client has 5 years of financials on the property.

• Property Address: 600 S Hill St, Salem, SD 57058
• Purchase Price: $2,070,000
• Loan Request: 80% DSCR Loan ($1,656,000) – Open to negotiating price if 75% LTV is required
• Current NOI: $145,000 (Potential up to $200,000)
• Estimated DSCR at 7.5% Rate: Approximately 1.1x
• Credit Score: 780
• Experience: 5 other properties owned
• Liquid Assets: $1,000,000

The borrower is in the process of finalizing the contract but would like to understand if we can get this deal done at 80% LTV and what kind of term sheet options might be available.

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Loan Request for Commercial loan in Salem, SD, 57058