Loan amount
$180,000
Loan type
As-Is Property Value
$260,000
LTV
70%
{LTV}
Property type
Apartment building
Borrower Details
Credit score
680
Deal experience
None
This loan scenario was submitted by a Broker
Property Details
State
Missouri
Loan Details
Additional Loan Information
9-unit apartment building. I have this property under contract. 2019 ACTUAL NOI $32,500. Currently 89% occupied. 1 unit needs $4K rehab to rent. Need to close ASAP. Experienced property manager ready to take over. Purchase price $240K. Buyer can put 25% down. Property located in St. Joseph, MO. Flexible on loan duration. I am a mortgage broker, but on this deal, I am the wholesaler only. I have a buyer that has done all of her due diligence and was about to close, when her lender backed out due to stock market dive. She still wants the property (it cash flows very nicely) but has been unable to find lending during this time. So I'm stepping in trying to find a private / hard money source.
Status
Closed
Created
April 20, 2020 - 1:57pm
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