Loan amount
$538,500
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$737,000
LTV
73%
{LTV}
Property type
Single Family
Borrower Details
Credit score
550
Deal experience
3 deals
This loan scenario was submitted by a Broker
No
Property Details
City
St. Louis Park
State
Minnesota
Loan Details
Current mortgage balance
$378,228
How much cash-out are you looking for?
$160,000
Additional Loan Information
Purchased in 2005, this combined two lot site is ripe for a multi-family residential redevelopment in St. Louis Park within walking distance of West End (shopping, groceries, entertainment, health club and restaurants). Other amenities include walking and biking trails connections to lakes, close to freeways and on a transit line.
Combined, this 1.70-acre site is zoned R-3 (175 ft x 425ft deep), medium density residential, with permitted use for single and duplexes (twin-homes) and guided for up to 30 units per acre or 51 units, up to 3 story apartment buildings. The site backs into wetlands facing south, heavily wooded, walkout.
Security: Two single family home sites purchased in 2005.
******** Lake Road
1st Mortgage - $219,304.00, PITI Monthly $2,545.57.
Zillow Valuation - $404,000. Monthly Rent - $2,750 plus utilities.
**********Lake Road
1st Mortgage - $133,924.00, PITI Monthly 1,904.78.
2nd Mortgage - $25,000.00 - To be paid off through new financing, if necessary.
Zillow Valuation - $333,000. Monthly Rent - $2,050 plus utilities.
Cash-out funds to complete redevelopment package and seek approval of the City. Loan term requested 12-24 months.
Combined, this 1.70-acre site is zoned R-3 (175 ft x 425ft deep), medium density residential, with permitted use for single and duplexes (twin-homes) and guided for up to 30 units per acre or 51 units, up to 3 story apartment buildings. The site backs into wetlands facing south, heavily wooded, walkout.
Security: Two single family home sites purchased in 2005.
******** Lake Road
1st Mortgage - $219,304.00, PITI Monthly $2,545.57.
Zillow Valuation - $404,000. Monthly Rent - $2,750 plus utilities.
**********Lake Road
1st Mortgage - $133,924.00, PITI Monthly 1,904.78.
2nd Mortgage - $25,000.00 - To be paid off through new financing, if necessary.
Zillow Valuation - $333,000. Monthly Rent - $2,050 plus utilities.
Cash-out funds to complete redevelopment package and seek approval of the City. Loan term requested 12-24 months.
Status
Closed
Created
July 19, 2023 - 11:37am
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