Office/Work/Live with 3 MUSIC RECORDING STUDIOS
Featured in LA LOFTS, this beautiful building is ideal for live/work and as a creative office. Strong Steel frame and poured concrete -- you can change space as you like with almost no interior supporting beams!!! 3 Floors. Three professional RECORDING STUDIOS/ POST PRODUCTION STUDIOS. New electrical, plumbing, and computer cabling. Full kitchen and bar area. Climate controlled rooms. Full kitchen and bathroom. Renovated Adaptive Reuse Zone. Huge flat roof area, 4 car parking. Partial ownership of alley in back Be part of LA's hip Chinatown/downtown Los Angeles renaissance. Seller Broker. Close to financial and fashion districts, and to museums, galleries, shopping, restaurants, the Gold Line, the 110, 5 and 101 freeways Cannot be MISSED!
If you are on the 110 freeway, take the Hill Street Exit. Bamboo Lane will be the small street to your left. It is right next to Central Plaza and between Hill and Broadway Street.
See the Clients Scenario Below:
I was told, and it's currently listed online as a Mixed-Use property. I was told it can be converted into Condominiums, Office Spaces, Retail, and a few others I cannot recall.
It doesn't show online in the listing, for whatever reason, that it has 7 rooms (which my colleague the owner said it can be converted into 10 rooms), and currently 2 bathrooms, which can be more.
The appraiser said, because the building can be converted into many different uses, he had to find Comparables out 1.9 Miles away, which a 1941 building sold at 3.5M. This property was built in 1951 and rebuilt about 2005. My colleague also put an extra 300k into the building.
I am currently looking for a lender, who will loan me the funds of up to 3.2M, to obtain the property. I currently do not have income, no assets, no docs, no down payment. The seller is willing to gift me back a substantial amount of Equity, to maintain the payments. He only wants 1.85M for it.
The Exit Strategy is to either Refinance or Pay Cash to Pay the Loan Entirely Off, In a Yr. If I can use some of the Gift of Equity to obtain a 7-10M Construction loan as a Down Payment, to build a few homes in Sherman Oaks, Ca or the Bay Area, and if they'll allow me to merge everything together, to partly or fully pay off this loan, I'm open to that as well. I've also been wanting to build Micro Homes in the Bay Area too.
All Appraisers are not alike of course, and a very good one is hard to find, especially in that area. If the Private Lender can just go by Comps or our own appraiser, this would make things easier.
Either way, it goes, my colleague is willing to work with me to close this deal. He's been offered millions for it, and have turned them down because the film library alone is valued at 30-40M. Wachovia had it appraised at 14-17M around 2007. Yes, before the crash. lol
My other contact offered him a partnership but didn't want to buy the building, so he turned him down too.
Maybe i can go on the deed if you can refi it, but the loan would have to be in my name only and he would have to come off the property.
This is what we have. Let me know if you can help. Maybe someone who can provide down payment assistance, and can get a fee at Closing. Or, for a fee after closing too, they can add me to a bank account to allow me to show proof of funding.