Need $200,000 loan for commercial property.

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From: Perry Austin
Date: Fri, 21 Mar 1997 00:00

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We need to secure a  200K loan against $6 million Hotel.

My client is purchasing a distressed hotel in a metro area.  The property 
is located in a high-traffic area and is worth a conservative $6,000,000.  
The business has fallen on bad times due to poor management and ill 
health of the owner.

My client has a smaller motel worth 300 to 360K (3 x gross) that has only 
35K owed against it.  At acquisition, my client will owe about 900K 
(combined existing 1st TD and IRS & Property Taxes on new property) plus 
the 200K they are looking to borrow.  They intend to use the new funds to 
do necessary repairs to the newly acquired property.

My client is already in the process of readying their existing motel for 
sale.  The proceeds from this sale will be used to repay the 200K we are 
currently seeking.  They are requesting a 3 year term for the 200K loan.

Please let me know what type of program(s) you might have.

Perry Austin
LOAN STAR CAPITAL
CA DRE Broker
redwingc@sure.net

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From: redwingc@sure.net (Perry Austin)
Subject: Need $200,000 loan for commercial property.
Date: 1997/03/21
Message-ID: <MPG.d9d06c54bd7b2f3989683@news>
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Newsgroups: alt.internet.commerce,alt.invest.real-estate,alt.real-estate-agents,iijnet.real-estate,misc.invest.real-estate,realtynet.invest,realtynet.lending,realtynet.south,tnn.real-estate