Loan amount
$260,000
Loan type
Refinance
{Fix&Flip}
After Repair Value
$390,000
ARV
67%
{ARV}
Property type
Multi-Family 1-4 Units
Borrower Details
Credit score
810
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
State
Massachusetts
Loan Details
Current mortgage balance
$0
Additional Loan Information
I am looking to purchase a fourplex in western Massachusetts. I need $135,000 to purchase the property and $125,000 to renovate the property. It currently has three of the four units rented, and once renovated and fully rented, it can bring in $5,400 a month. The ARV on the property is $390,000. The property requires a complete overhaul of the decking that provides access to the various floors, which is responsible for a large portion of the renovation budget.
So I am seeking a lender that will be able to provide the 260k needed for the project. I am looking to get the funds as quickly as possible and all at once so that work can immediately start before the winter limits renovations.
So I am seeking a lender that will be able to provide the 260k needed for the project. I am looking to get the funds as quickly as possible and all at once so that work can immediately start before the winter limits renovations.
Status
Closed
Created
November 25, 2020 - 4:48pm
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