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Borrower: A & R Properties, LP Guarantors: Steven Goldstone and Arthur & Roberta Goldstone Fam. Trust, M.N Goldstein CO Principal Information Industry: Furniture Stores Management Experience: 26 & 29 yrs NAICS Code: 442110 FICO: 756 & 789 Purpose: Refinance Principal Net Worth: $2,617,100 Location: 300 Boardman Poland Rd. Principal Liquid Net Worth: $65,600 Boardman, OH 44512 Excess Servicing: 1.00% Total Premium: 5.00% Pooler Name: Merrill Lynch CDC Lender : TBD Underwriting Methodology: 1.50 DTI, Global cash flow with management fee as expense Executive Summary : Products & Services: The two operating companies, M.N. Goldstein Co, Inc and Goldash Furniture Corp sell residential furniture, bedding and home accessories in Ohio and Pensylvania. Market: Goldsteins has five retail stores and serves primarily a five county region, which includes Mercer and Lawrence counties in Pensylvania and Turmbull, Mahoning and Columbiana counties in Ohio. History: Goldsteins began business in Sharon, PA in 1901. Over the past 100 years the company has been passed down from generation to generation and is now owned by Steven Goldstone. The five retail locations and warehouse are owned by an affiliate company, A & R Properties., LP. Management: Steven Goldstone is the President and CEO and has worked in the business for approximately 26 years. Mr. Goldstone is assisted by the Merchandising Manager that has been with the company 11 years, a CFO who has been with the company since 2003 and a warehouse manager that has been with Goldsteins for 29 years.
Injection Amt (Percentage of Project): $ 386,029 1st TD Conventional Loan Amount: $ 1,561,015 Interest Rate: 6.490% Interim Loan Fee (1st TD): 2.000% Prepayment Penalty: TBD Term: 25 Collateral: Subject Real Estate LTV: 50.00%
2nd TD Interim Loan Amount: $ 1,174,985 3.850% Interest Rate: 1.500% Bridge Loan Fee (2nd TD): 7,6,5,4,3,2,1 Prepayment Penalty: 20 Term: Collateral: Subect Real Estate 37.64% LTV:
Cash Flow Analysis (Subject Only): DCR per 2010 Business TR: DCR per Interim (Date): Cash Flow Analysis (Global): DCR per 2010 Business TR: DCR per Interim (Date):
1.92 2.22 3.17 3.02
Additional Information on the Loan The borrower is looking at refinancing the existing blanket loan into four separate 504 loans, one on each property. The current debt on the properties is $7,151,325 and the estimated appraised value is $7,552,500. Therefore eligible financing is 90% or $6,797,250. The existing lender will be giving a discounted payoff equal to the new loan proceeds. Therefore, the only cash the borrower will need to bring to the table is for associated closing costs, which will come from business cash resources. The equity injection shown represents the equity in the property.