Loan amount
$3,000,000
Loan type
Refinance
{Fix&Flip}
After Repair Value
$5,000,000
ARV
60%
{ARV}
Property type
Single Family
Borrower Details
Credit score
700
Deal experience
2 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
San Juan Capistrano
State
California
Loan Details
Current mortgage balance
$2,100,000
Cost of improvements
$900,000
Estimated property value after repairs
$5,000,000
Additional Loan Information
Developer has been constructing custom homes since 1980. He requires a loan to pay off the existing mortgage and funds to finish construction. Appraisal just came in at $5MM ARV. He requires a 70%LTV on the $5MM ARV to get the loan done. The loan amount will be $3.3MM. My fee is 1%. If he does not find a lender, he will refinance with the current company.
Status
Open
Created
April 6, 2023 - 8:58pm
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