 of our existing mortgages and what we feel we need to do in this area to get our cash flow in a more manageable configuration. Mesquite We have two buildings in Mequite that are the main ~4,000sq ft facility as well as the ~850sq ft support building next door. There is currently a five-year mortgage from a supporter of the bookstores at 8.75% for ~$46,000 on the big one and none on the other smaller one.
East Dallas We've currently have two mortgages on the ~7,000+sq ft Garland Road building. The first lien is an owner financed instument at 6% for about 10 more years with a balance of ~$250,000 drawn in the name of the person who sold the building to the gentleman from whom we bought this building. The second lien is also an owner financed instrument at 13.1% for another 11 years with a balance of ~$166,000 drawn in the name of the person from whom we purchased this building. New Mortgages We hope to find folks to refinance each of these at 6% for 15 years although they could be shorter term loans that are amortized over 15 years with balloon payments at the end. As we stated elsewhere, it would be simplest if one person could do a package deal on the them all. But we are certainly open to more individual loans from separate lenders. We could also see the residents of one or more of the neighborhoods that we serve creating a local group of several individuals pooling their resources to make one or more of these loans.
Feel free to drop me a line at john@luckydogbooks.com if you have further questions, or wish to pass on a referral to someone else who you think might have a strong interest in helping the bookstores in this manner. 2/10/2015 |
