We have purchased and rehabbed a 39 bed facility in Lodi California and are interested in obtaining $800,000 to purchase and rehab other properties. We have spent in excess of $1.2 million on this property and can offer a first position as security against a $800,000, 10% loan. This would be used to buy homes or other assisted living facilities, then rehabbing them and selling them or keeping them. The exist strategy is to repay the loan at the time the properties are sold, or to attain traditional financing after we have established a rental income track record.
The 39 bed facility we own had a loan on it back in 2007 for over $1,600,000. After our remodel the property currently has a value of around $2,200,000, less costs of $1,200,000 yields $1,000,0000 in created value.
This facility is leased to an operator that will be paying $300,000 a year NNN after they've filled their beds.
Please feel free to contact me at 209-814-9412.