Loan amount
$200,000
Loan type
As-Is Property Value
$485,000
LTV
42%
{LTV}
Property type
Condo
Borrower Details
Credit score
800
Deal experience
10 deals
This loan scenario was submitted by a Broker
Property Details
State
Illinois
Loan Details
Additional Loan Information
We are under contract to purchase a condominium home in Evanston, IL for $199,000 with a closing date of September 15, 2020. We have just listed our present co-op unit for $499,500 which has $205K owed. We plan to reside in the new property once the current home is sold. We are exploring the possibility of a bridge loan in the event our present property is not sold and closed by September 15. We have already deposited earnest money of $10,000 for the new property and would need the balance of the purchase price, plus closing costs to complete the purchase. We estimate we would need a bridge loan of approximately $195,000 and estimate the duration to be perhaps three months.
Status
Closed
Created
July 10, 2020 - 12:19pm
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