................................LOAN REQUEST..............................................................
PROJECT: PRO SOCCER STADIUM / CONSTRUCTION LOAN / PHASE 1 IS $37 MILLION & PHASE 2 IS $10 MILLION
LOCATION: OF PROPERTY: NEVADA
TYPE OF LOAN: CONSTRUCTION-TO-PERM. / INVESTMENT PROPERTY
LOAN AMOUNT REQUEST: $47,000,000.00TYPE OF PROPERTY USE: SOCCER GAMES AND SPECIAL USE
PURCHASE PRICE FOR LAND: $4,000,000.00 / PURCHASED IN 2023.BALANCE OWE ON THE LAND: $2,300,000.00
CURRENT FAIR MARKET VALUE OF LAND: $20,000,000.00CASH OUT REFINANCE ON THE LAND AT 80% LTV = $16,000,000.00
DOWN PAYMENT OF 20% IS $47,000,000.00 X 20%= $9,400,000.00
BALANCE OWE ON THE LAND: $2,300,000.00
DOWN PAYMENT AND LAND BALANCE IS:$11,700,000.00
CASH TO THE BORROWER IS: $4,300,000.00
LESS CLOSING COST:?
BALANCE OF LOAN AMOUNT IS: $37,600,000.00
COST BREAKDOWN:
FAIR MARKET VALUE OF LAND COST: $20,000,000.00HEAD COUNT COST FOR SEATS FILLED ANNUALLY: $35,277,015.00
SOFT COST: $2,261,351.00
CONTINGENCY: $2,642,026.00
NOTE RATE IS: AVAILABLE MARKET RATE AT THAT TIME.?
TERM: 25 - 30 YEARS, FIXED.
.......................PROJECTED OPERATING STATEMENT ANNUALLY.......................
GROSS TICKET REVENUE ANNUALLY: $35,277,015.00
OTHER INCOME FOOD,ALCOHOL, MERCH: $9,004,827.00
TOTAL INCOME: $44,281,842.00
LESS 5% RESERVED VACANCY SEATS: $450,241.00
EFFECTIVE GROSS INCOME: $44,732,083.00
BORROWER: Mr. Marc
OCCUPATION: CEO, Integrated Concepts
ANNUAL INCOME: $350,000.00
NET WORTH: More than $10,000,000.00
CREDIT SCORE: 750
EXPENSES: (ANNUAL)
REAL ESTATE TAXES: $0
INSURANCE: $0
MANAGEMENT: $0
REPAIRS AND MAINTENANCE: $0RESERVES OF REPLACEMENT: $0
UTILITIES: $0
OTHER OPERATING EXPENSES: $0
TOTAL EXPENSES: $0
ACC= $200,000,000.00
NET OPERATING EXPENSES $17,559,413.00
1) Liquidity: $20 million ( DEBT DIVIDED BY LAND VALUE )2) Fico: Above 7003) He has $100,000.00 dollars in the bank, Liquid.4) He is current on his land payments, the land is worth $20 million and the balance on the land is $2 million, we can refinance the land for the construction down payment and put the construction loan on top of the refinance or structure it so that it works for you?
