Loan amount
Loan type
Purchase {Construction}
Property value
$980,000 {PP:$450,000}
59% {ARV}
Property type
Single Family
Credit score
Deal experience
25 deals
This loan scenario was submitted by a Broker
Prior Lake
Purchase price
Down payment
Cost of improvements
Estimated property value after repairs
Additional Loan Information
The home has lake access and a dock. Dock is across the street. The Lake and city is one of the most sought after lakes in the south metro. I'm converting the above grade garage on the front of the house into fsf. It currently has 2 garages. One in front of the house (above grade) and one in back of the house below grade. It will add almost 1000 square feet to the home. Also finishing part of the garage below grade as well. But the value is in the above grade square feet, as you know. Will be remodeling and updating entire house. Going to open up the entry and stair well. Also going to take down the divider wall in main kitchen. Going to gut entire house and restore it with luxury tile, stone and other high end material. Adding all the bells and whistles. We do all the work ourselves, me with my son's and a couple guys that assist me with my bathroom remodeling company.
It's a family run business for the most part. This house has lake access with a gorgeous beach and a beautiful view of the lake. (Subject property is across the street from the lake). When I'm done with the rehab it will be completely new and updated with all the bells and whistles. Between 4500 to 5000 fsf with the conversion of the unfinished SF to finished SF above grade. New Homes in the area without lake access with less to similar finished square feet are selling between 850k to 1.3 million and they go quick.
October 12, 2022 - 6:43pm

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