Loan amount
$280,000
Loan type
As-Is Property Value
$340,000
LTV
83%
{LTV}
Property type
Single family home
Borrower Details
Credit score
670
Deal experience
3 deals
This loan scenario was submitted by a Broker
Property Details
State
Pennsylvania
Loan Details
Additional Loan Information
5 bedroom, 3 full bathroom, 3200 sq ft, 1/4 acres, built in 1915. A lot of old characteristics but needs some work to update property. Looking at the property. Will make it our primary property once improvement completed. Then sell our current property, get mortgage and pay off the loan. Current primary residence $317K owed on $450K house. Also own rental property; owe $168K, worth $215K, monthly rent of $1350. Buying another rental for $45K in cash in a couple weeks. New home purchase price is asking $300K but we won't offer above $275K. Renovation budget of $30K. Work will take 6 months. ARV $340K. Not yet in contract. Properties located in Bellefonte, PA. Combined income $180-200K.
Status
Closed
Created
February 4, 2020 - 8:59pm
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