Dave Knudson, deal of the day. I’m going to go over this very quickly so I can show you a few shots of our latest deal that we are closing probably tomorrow.
We were contacted by a loan broker, who presented us with a loan to lend to an individual. We started out with $660,000 secured by 1.25 acres 9,300 square feet of newly constructed building metal masonry. The owner of the property currently has a gun range and looks like he’s operating it very successfully. I went down and inspected the property, I liked his operation. He seemed to be doing quite well, he operates, again, gun stores have a gun range right now, he makes his own rifles and a few other things.
So, what is this loan gonna be? So it started out to be 660k, 5 points which will be pretty roughly $33,000. We would lend him the difference of this too which we’ll put in his pocket, which would be $627,000. Out of that, there’s a loan broker who brought this deal to us, so the loan broker is gonna make roughly $18,000. Again, that’s what’s available to people who want to start and try to be a loan broker, so we’re documenting this whole deal we may lend him a little bit more as he wants to borrow some money for guns emunitions and a few other things he’s doing out there. Let us take you through a real quick glance of a property and you can see what’s going on and and we will finish up after.
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