Loan amount
$900,000
Loan type
Refinance
{Construction}
After Repair Value
$3,200,000
ARV
28%
{ARV}
Property type
Vacant Land
Borrower Details
Credit score
815
Deal experience
10 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Indianapolis
State
Indiana
Loan Details
Current mortgage balance
$600,000
Cost of improvements
$300,000
Estimated property value after repairs
$3,200,000
Additional Loan Information
I have a client that;
1. Has a car race track in Indiana which includes....
2. 131 acres of Land which is appraised April 2020 @ $1.63mm for the land only
3. Owes $600K = $1mm in equity
4. Requesting $1mm to $1.6mm loan.
5. $300,000 will be used to repair the race track
6. Borrower is experienced with construction and rehab for commercial properties
7. The plans are to build 80 townhome rental villas around the race track after the race track is repaired
Please advise your interest and we will send you a complete package
1. Has a car race track in Indiana which includes....
2. 131 acres of Land which is appraised April 2020 @ $1.63mm for the land only
3. Owes $600K = $1mm in equity
4. Requesting $1mm to $1.6mm loan.
5. $300,000 will be used to repair the race track
6. Borrower is experienced with construction and rehab for commercial properties
7. The plans are to build 80 townhome rental villas around the race track after the race track is repaired
Please advise your interest and we will send you a complete package
Status
Closed
Created
February 20, 2021 - 2:00pm
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