Loan amount
$2,195,000
Loan type
Purchase
{Fix&Rent}
After Repair Value
$3,400,000
{PP:$895,000}
ARV
65%
{ARV}
Property type
Other Commercial
Borrower Details
Credit score
660
Deal experience
100 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Pinellas Park
State
Florida
Loan Details
Purchase price
$895,000
Down payment
$5,000
Cost of improvements
$1,305,000
Estimated property value after repairs
$3,400,000
Additional Loan Information
We are looking for a short term bridge funding to close our contract on or before January 22, 2021 for 27 unit container for Veterans development in the Tampa Bay area that cashflows yearly average of $140k yearly with payback in 6 to 12 months. The government pays the monthly veteran rental bill under their VASH program for Veterans. They have a huge shortgage of units to put the veterans in and have a waiting list to fulfill. The estimated worth is at $1.3m in current condition. We estimate after putting 27 container homes the after development value at $3.4m+. We have a ProForma supporting our $2.2m funding we can forward to interested parties. Our exit is in 3 years with a sale, then secondary exit a hold for 5 years or longer before selling from great cashflow.
Status
Open
Created
January 5, 2021 - 5:47pm
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