About Berkshire
Our team has one basic philosophy: we would like to have you as a client for many years to come and not just for one transaction. At Berkshire Capital, we make the process of securing a mortgage online simple, straightforward and secure leaving you with a positive, unforgettable mortgage experience.
Over 75% of our business comes from client referrals and repeat customers.
From the experienced multi-million dollar real estate property owner and investor to the first time homebuyer or home seller, we are here for you.
As a trained entrepreneurial coach, Hock believes in sharing his knowledge and personal experience to evaluate and improve each new hire’s and transitioning mortgage company owner’s existing business model through coaching, resulting in each employee building better businesses for themselves underneath the Berkshire Umbrella . Hock’s personal Unique Ability statement and Philosophy drives him. Griffen Hock believes in focusing on each associate’s unique abilities to maximize their productivity and happiness. This is a result of his recognition of his own unique abilities; “Leading and Motivating people through articulating his knowledge in and easily understandable and applicable way to create opportunities for future growth resulting in best lives for my family, business partners, employees, clients and Friends.” Griffen Hock is currently a non operating equity holder in Berkshire Capital in addition to holding a Regional Executive Position in WestStar Mortgage. In his spare time, Griffen Hock enjoys spending time with his family.
Comments:
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Hello-
I’d like to inquire about availability and rates for a loan of about $810,000, with $290,000 down, on a commercial property. It would be to purchase an RV park south of Ann Arbor in Monroe county. The property has been well-maintained and has a strong customer base. I have prepared a detailed business plan, including a pro-forma income statement.
I’m not sure of the property’s appraised value, but revenue is about $280,000/yr. With my estimated expenses, I expect a net cash flow (before debt service) of $130,000 to $150,000/yr. over the next 5 years. With monthly P&I payments of $6073, I calculate that the current owners would have had DSCR between 1.7 and 1.9 over the last 5 years, and over the next five years I would expect to have DSCR between 1.8 and 2.1 (the increase is mainly from the tax benefit I’d gain from depreciation and amortization).
I’m fairly young (26) but I have the necessary experience to be successful in this, including graduate-level business education. Beyond the down payment, I have relatively few assets (roughly $75,000–$30,000 in cash, $30,000 in retirement accounts, and the remainder in personal property), but I’m ambitious, have a good credit score (782 last time I checked) and a good work ethic.
I’m not certain what may be available, but I’m thinking that something ideal might be a 15-year fixed rate loan, fully-amortized. I’d like to avoid a balloon payment if possible. Or, if one is available without a prepayment penalty, I might prefer a longer term–20 years, for example.
Please let me know what options you may have. Calling would be the best way to reach me: 231-852-0365, as I don’t access my personal e-mail account during the day. Also, I would be happy to e-mail you a copy of the business plan and our current purchase agreement, if it would be helpful to you.
If we find that you have something that would work, I’d be interested in working fairly quickly on this, as I believe it is significantly beneficial to the seller to close the sale before year-end for tax reasons.
Thanks!
David
David – contact me directly 2488227121ph or ghock@berkshirecapital.com – We can help.