Loan amount
$290,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$500,000
{PP:$300,000}
LTV
58%
{LTV}
Property type
Multi-Family 5+ Units
Borrower Details
Credit score
500
Deal experience
5 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Phoenix
State
Arizona
Loan Details
Purchase price
$300,000
Down payment
$10,000
Additional Loan Information
Multi family subdivision for low income applicants. Phoenix has a dramatic shortage of lower income appropriate properties. In a nutshell, subdivision will be created with 5 to 10 tiny houses , the houses are then purchased by residents on a owner contract. Residents also pay lot rent. At which time home is paid off, residents may choose to stay there and pay lot rent, or move their house. This gives low income families an opportunity to build equity in something of their own. That's sorely lacking as well in phoenix. As far as potential for this to be a lucrative project, according to my figured, the property will be free and clear in 18 months if I do it right.
Status
Open
Created
July 20, 2021 - 12:21am
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