Loan amount
$230,500
Loan type
Purchase {Fix&Rent}
After Repair Value
$275,000 {PP:$95,000}
ARV
84% {ARV}
Property type
Other Commercial
Borrower Details
Credit score
640
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Boone
State
Iowa
Loan Details
Purchase price
$95,000
Down payment
$14,500
Cost of improvements
$150,000
Estimated property value after repairs
$275,000
Additional Loan Information
In contracted Lease Purchase Agreement for C2/R3 commercial mixed use property. Pre-approved for home loan but commerical designation prevents using residential funding even though 25% of the property will be used for wedding chapel, intimate historical venue; with my family living on the remaining floors. 4 floors total with elevator. Looking for expedited closing please. Once we own we are already book and deposit paid for basement waterproofing, also intend to convert attic (4th floor) into Master en suite and better divide out 3rd floor into six rooms instead of four. Also plan to add one-two bathrooms (attic and basement). Kitchen and dining room to be remodeled into more open concept. Hope to add deck over four car garage. This will remain occupied by my family and has been since July 15, 2020. It will be our home and intimate venue. Previously a funeral home, nothing funeral remains.
Status
Created
June 29, 2021 - 5:31pm

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