Loan amount
$150,000
Loan type
Purchase {Fix&Flip}
After Repair Value
$195,000 {PP:$135,000}
ARV
77% {ARV}
Property type
Single Family
Borrower Details
Credit score
671
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Rogers
State
Arkansas
Loan Details
Purchase price
$135,000
Down payment
$5,000
Cost of improvements
$20,000
Estimated property value after repairs
$195,000
Additional Loan Information
This house is in pre-foreclosure and needs to close before the auction date next week 6/9/21. We are new investors working under an experienced mentor and consulting with an established contractor. We originally made a lower offer, but the bank would not agree to a short sale. The profit will be lower, but we can still make the deal work if we pay the asking price of $135K. The biggest challenge is the timing, since we have less than a week to close. This area is experiencing a revitalization and homes have been selling quickly, often in a bidding situation, for well above asking prices.
Status
Created
June 3, 2021 - 8:23pm

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