Loan amount
Loan type
Refinance {Rent&Hold}
As-Is Property Value
0% {LTV}
Property type
Multi-Family 1-4 Units
Borrower Details
Credit score
Deal experience
5 deals
This loan scenario was submitted by a Broker
Property Details
Loan Details
Current mortgage balance
Additional Loan Information
Two family home on beautiful Orrs Island, ME. Centrally located on the island 8 miles from Brunswick ME. Approx. 100x300 lot. I purchased the property in April 2016 for $290k under a Land Installment Contract with the Sellers. I put down $60k non-refundable deposit and have made 4+ years of monthly payments of $1575 (plus taxes and ins) at 6% interest. Payoff balloon payment on month 60 is $220k balance due 2/1/21. I came here in 2016 to restart and operate the previous convenience store operated by the Sellers with an upstairs apartment where I lived while operating the store. Due to lack of sales I closed the store and returned to my previous career in government contracts management (20yrs with General Dynamics), converted the store to my downstairs apartment and have had the same long term tenant in the upstairs apartment since 2017. I unfortunately had to file CH13 in March 2017 due to the store failure and I am in need of immediate refinancing and am having difficulty find a lender as my case has not yet been dismissed. I have been paying on it monthly since March 2017. This property will continue to go significantly up in value in this high demand location. I have worked harder than ever this past five years to rebound from these challenges, and this is the last major item on the list. I would like to retire here in five years and continue to have the rental income from upstairs to supplement the consulting income I plan to still have after retirement from my current full time position (same job as my GD position). This will not happen unless I can payoff the current note by Feb 1st to secure the property under the current terms of sale. I greatly appreciate your consideration. I am available as needed.
December 3, 2020 - 1:25pm

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