What's This?
| Amortization Term | 20 years |
| Loan Term | 2 YEARS |
| Min. Investment | $10,000 |
| Interest Rate | 9.00% |
| Investment Type | Retail |
Overview
Como Health LLC won a license in January 2020 to operate a medical marijuana dispensary at this location. Como Health Holding Company 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 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 | COMO HEALTH 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 | 9.00% |
| Loan Term | 20 years |
| Current Payment | $4,048.76 |
| 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
Racial Makeup
Gender Makeup
Household Makeup
Age Breakdown
Financial
| Funding Amount | $450,000.00 |
| Interest Rate | 9.00% |
| 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 |