What's This?
| Amortization Term | 20 years |
| Loan Term | 2 YEARS |
| Min. Investment | $10,000 |
| Interest Rate | 10.00% |
| Investment Type | Retail |
Overview
Como Health LLC won a license in January 2020 to operate a medical marijuana dispensary at this location. General Real Estate Holdings LLC shall purchase the land and construct the facilities and pay the debt service on the loan. The architect's plan calls for a 2500 sqft building on the lot with enhanced security features and high end finishes. Como Health LLC will lease the building for a 5 year term with two 5 year options to extend. The monthly lease will adequately cover all of the the costs to facilitate the payback of the loan. Loan Pie will fund the loan incrementally as the construction phases are completed to ensure completion on time and on budget.
DISCLOSURE: Jason Corrado,the CEO of Loan Pie,the lender, is also the CEO of Como Health LLC and a member of General Real Estate Holdings LLC and Como Health Holding Company LLC. He has a financial interest in all of the companies involved in the proposed transaction.
| Property Type | Retail |
| Occupancy | Non Owner Occupied |
| Occupancy Percentage | 100% |
| Borrower Name | GENERAL REAL ESTATE HOLDING COMPANY LLC |
| Value of Property | $600,000.00 |
| Original Loan Amount | $450,000.00 |
| Lien | 1 |
| First Interest Adjustment Rate | 0.00% |
| Current Interest Rate | 10.00% |
| Loan Term | 20 years |
| Current Payment | $4,342.59 |
| Next Payment Due Date | |
| First Payment Date | 06/01/2020 |
| Monthly Escrow Payment | $1,750.00 |
| Pay String (Last 12 Months) | 0 |
| Unpaid Principal Investment | $450,000.00 |
| Servicing Status | Current |
Property Details
| Property Type | Retail |
| Year Built | 1989 |
| Number of Bathrooms | 2.0 |
| Number of Bedrooms | 0.0 |
| Square Feet of Property | 1,143 sq ft |
| Square Feet of Lot | 15,246 sq ft |
Market
Population Overview
| Population | 8269 |
| Population Density | 1385.09 |
| Number of Housing Units | 4018 |
| Density of Housing Units | 625.29 |
Racial Makeup
| White | 848.52 |
| African American | 766.67 |
| Asian | 769.17 |
| Hispanic or Latino of any race | 766.49 |
| Two or More Races | 765.22 |
| Other Races | 764.78 |
| Native American | 763.31 |
| Pacific Islander | 762.95 |
Gender Makeup
| Male | 809.7 |
| Female | 816.19 |
Household Makeup
| Average Household Size | 2.16 |
| Number of Households | 3733 |
| Average Family Size | 2.98 |
| Number of Families | 1917 |
| Married couples living together | 3364.06 |
| Individuals | 3367.66 |
| Female householder with no husband present | 3309.23 |
| 65 years of age or older and living alone | 3295.93 |
| Male householder with no wife present | 3299.63 |
Age Breakdown
| Under the age of 18 | 784.75 |
| from 18 to 24 | 771.4 |
| from 25 to 44 | 796.78 |
| from 45 to 64 | 785.62 |
| 65 years of age or older | 774.25 |
| Median Age | 34.9 |
Financial
| Funding Amount | $450,000.00 |
| Interest Rate | 10.00% |
| Purchase Price (+ Closing Costs) | $280,000.00 |
| Loan Term | 20 years |
| Total Project Cost | $500,000.00 |
| Est. Rehab Costs | $220,000.00 |
| Est. Repaired Value | $600,000.00 |
Additional Loan Servicing
| BPO Date | 01/09/2017 |
| BPO Value | $280,000.00 |
| Current LTV | 75.00% |
| Loan Purpose | PURCHASE AND CONSTRUCT RETAIL BUILDING |
| Loan Type | Purchase |
| Bankruptcy Flag | No |
| Mortgage Insurance Flag | No |
| Modification Date | 01/09/2018 |
| Original Appraisal Amount | $280,000.00 |
| Original Appraisal Date | 01/09/2017 |
| Origination Date | 05/01/2020 |
| Maturity Date | 04/30/2022 |