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Rakesh Modi Secures $1.4M Acquisition Loan For Mixed-use Property In Inglewood, CA

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FINANCED
$1,422,000

California

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Mixed-use4,100 SF
Financed 09/25/2023
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Property Image
FINANCED

Rakesh Modi Secures $1.4M Acquisition Loan For Mixed-use Property In Inglewood, CA

121 South Fir Avenue

See Similar Deals
Mixed-use4,100 SF
Financed 09/25/2023
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Mixed-use
Price Per Square Foot:$346
Total Square Footage:4,100 SF
Transaction Type:Loan

The property involved in this transaction is a mixed-use office/flex building located at 121 South Fir Avenue in Inglewood, CA. It spans a total of 4,100 square feet and sits on a .24 acre lot. The property was purchased for $1,580,000.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $1,580,000
  • Lender: Lee Kleinman - Business Finance Capital CDC
  • Landlord: Rakesh Modi
  • Loan Amount: $1,422,000
  • Loan Type: Acquisition

This transaction was made possible through the SBA 504 program, where the bank provided a 50% 1st mortgage and the SBA will provide a 40% 2nd mortgage. The loan terms allowed for the owner-user purchase of the property.

Players

Business Finance Capital
Business Finance Capital
LENDER

Details

FINANCED
IMAGE: Lee Kleinman DATE: 09/25/2023 ADDRESS: 121 South Fir Avenue MARKET: Inglewood, CA ASSET TYPE: Mixed-use ~ SF : 4,100 LENDER: Lee Kleinman (@Busbnkr) - Business Finance Capital CDC (@BFCFunding) LANDLORD: Rakesh Modi LOAN AMOUNT: $1,422,000 LOAN TYPE: Acquisition LOAN TERMS: This was an owner-user purchase through the SBA 504 program where the bank provided a 50% 1st mortgage and the SBA will provide a 40% 2nd mortgage. This office/flex building consists of 4,100 SF situated on a .24 acre lot and traded for $1,580,000.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$1,422,000.00

Monthly NOI$9,480.00
Monthly Debt Service$8,988.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00