Loan amount
$360,000
Loan type
Refinance
{Fix&Rent}
After Repair Value
$1,500,000
ARV
24%
{ARV}
Property type
Single Family
Borrower Details
Credit score
600
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Olivebridge
State
New York
Loan Details
Current mortgage balance
$330,000
Cost of improvements
$30,000
Estimated property value after repairs
$1,500,000
Additional Loan Information
I have a home on ~6 acres in the Hudson Valley purchased as a weekend home in 2015, I airbnb'd it in 2020 for $500 per night but i live here full time now. I want to build a smal "glampground" on my. property to continue the Airbnb business. The project will include 2 Yurt style sites and a shower/gym/bathroom/kitchen/outdoor cinema structure and I already have a sauna on site so I believe I can rent each for $200 or more per night depending on the season. This area is in high demand and I have significant business and marketing experience however I would not be dependent on vacation rental proceeds to repay the loan worst case. My credit was damaged doe to covid which is why I'm seeking hard money.
Status
Open
Created
May 3, 2021 - 3:50pm
Hard Money Lenders Now Offering Real Estate Investor Loans in New York Buffalo | Rochester | Yonkers | Syracuse | Albany | Spring Valley Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans