Loan amount
$1,250,000
Loan type
As-Is Property Value
$2,350,000
LTV
54%
{LTV}
Property type
Single-family
Borrower Details
Credit score
794
Deal experience
2 deals
This loan scenario was submitted by a Broker
Property Details
State
Georgia
Loan Details
Additional Loan Information
We are building a personal home within our current neighborhood. We have a designer and a plan as well as a builder. We own our current home outright and hope to sell it after we move in to the new home for around $950k. We purchased the land last June for $150k and own this outright. The construction budget for the home is $1.25mil. So with land and the house combined, the property will be worth $1,400,000. Should take 1 year from the time we break ground. Located in Augusta, Georgia. We plan to use the proceeds from the sale of our current home to pay off the majority of the new construction, leaving about $300k on what we hope will be a shorter term loan. Owner-occupied.
Status
Closed
Created
October 19, 2019 - 10:38am
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