Loan amount
$150,000
Loan type
Refinance {Cash-Out}
As-Is Property Value
$300,000
LTV
50% {LTV}
Property type
Other Commercial
Borrower Details
Credit score
600
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Detroit
State
Michigan
Loan Details
Current mortgage balance
$0
How much cash-out are you looking for?
$150,000
Additional Loan Information
I own a commercial property in Detroit. My financial hardship began from Covid of 2019. The Governor of Michigan, Whitmer closed all Retail Boutiques for an extended period of time and during that time. My rent was increased from $624.00 to $1165.00 per month and I had to move back to my own building which needed many repairs. Since that time I used my savings. So now I need minor work, electrical, plumbing on 1st and second floor. I have a Boutique on the second and a potential tenant in the 1st floor. I don't have a mortgage.
Status
Created
April 17, 2023 - 7:20pm

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