Loan amount
$125,000
Loan type
As-Is Property Value
$350,000
LTV
36%
{LTV}
Property type
Apartment building
Borrower Details
Credit score
550
Deal experience
None
This loan scenario was submitted by a Broker
Property Details
State
North Carolina
Loan Details
Additional Loan Information
Property is motel with 2 other residential houses on property. Want to convert to studio apartments, property 13.36 acres with 2 private single family residents and 7 other buildings consisting of 2 rooms in each which comes to a total of 16 total rentals. All are in need of repair. Some are in decent condition others are in worse condition. Asking price $99K. Will self-fund the renovation budge of $60K. ARV $350K. 18 month timeline due to the size. Not under contract yet. Property located in Scotland Neck, NC. Projected rental income of $8,300/month. 24 month loan duration.
Status
Closed
Created
April 27, 2020 - 1:35pm
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