Loan amount
$340,000
Loan type
Refinance {Fix&Rent}
After Repair Value
$550,000
ARV
62% {ARV}
Property type
Multi-Family 1-4 Units
Borrower Details
Credit score
680
Deal experience
2 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Irvington
State
New Jersey
Loan Details
Current mortgage balance
$280,000
Cost of improvements
$60,000
Estimated property value after repairs
$550,000
Additional Loan Information
My client's father is gravely ill and may not have much time left. Before his condition worsened, he transferred ownership of his investment property to his son. Unfortunately, the son later discovered that the property was in foreclosure as a result of his father's illness. In an effort to salvage the situation, the son transferred the property deed into his own name and is now seeking to refinance and rehab the property.
Status
Created
May 11, 2023 - 9:06am

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