Loan amount
$240,000
Loan type
As-Is Property Value
$340,000
LTV
71%
{LTV}
Property type
Four Family
Borrower Details
Credit score
810
Deal experience
None
This loan scenario was submitted by a Broker
Property Details
State
Massachusetts
Loan Details
Additional Loan Information
I have placed an offer on a 4 Plex in western MA. I'm hoping to purchase the property at $135,000 and spend the remaining $105,000 on renovating the property so that the rents can be raised to $5400 from a projected $5,000. The ARV on the property is $340,000.
The building needs some renovations including the rebuild of decking that allows access to the three floors. Which will be a large part of the renovation cost. I need a deferred payment period to allow for the repairs to be made and to get some long term tenants in the units. I am looking to provide proof of funds by November 10th as per the potential offer agreement. And Close on November 20th.
The building needs some renovations including the rebuild of decking that allows access to the three floors. Which will be a large part of the renovation cost. I need a deferred payment period to allow for the repairs to be made and to get some long term tenants in the units. I am looking to provide proof of funds by November 10th as per the potential offer agreement. And Close on November 20th.
Status
Closed
Created
October 26, 2020 - 3:51pm
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