7-Unit Chattanooga Acquisition
This is a prefunded purchase only opportunity for a Medium Apartment Building property in Tennessee. The subject property address is 604 Bacon Trail, Chattanooga, Tennessee.
The borrower is requesting a loan of $285,000 in order to purchase the underlying property. There is no renovation needed for the underlying property. The borrower will receive a draw in the amount of $279,300 when the property is purchased. Six of the seven units are rented, with monthly rent totaling $3,400. The seventh and biggest unit should be rented within a month, with an expected rent of $1,500 per month. The borrower plans to refinance in one year or under.
604 Bacon Trail
- As-Is Value: $380,000
An independent third party appraisal commissioned by Patch of Land, shows an As-Is Value of $380,000 for 604 Bacon Trail. The LTV ratio is 75% and is in line with the data we found during our due diligence process. Our research shows the commercial market surrounding the underlying property in this area of Chattanooga is stable and supply and demand are in balance.
604 Bacon Trail was built in 1968, located in the suburban neighborhood of Chattanooga, Tennessee. The property has 25 rooms including 15 bedrooms and 10 bathrooms, with a gross living area of 8,822 sq. ft. on a 32,371 sq. ft. lot. The property is near Chattanooga Zoo, public amenities, parks, shopping centers, and recreation.
The managing member of Cinnywoo, LLC has over 30 years of experience in the real estate industry. His knowledge of the business consists of direct experience as an investor and landlord, typically holding for rental income. He has purchased and/or rehabbed 6 properties in his career and currently owns two additional rental properties in Texas and Hawaii. The borrower has worked for the US Navy for the last 30 years and currently serves as a Staff Officer stationed in Pearl Harbor, Hawaii.