Loan amount
$350,000
Loan type
As-Is Property Value
$380,000
LTV
93%
{LTV}
Property type
Single family home
Borrower Details
Credit score
750
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
State
Pennsylvania
Loan Details
Additional Loan Information
Flipping a house in Springfield PA. Home values here can range from $290-700K. Home median prices are $310K. Property has sat for 71 days, listed at $290K, will come in at $240K. Hoping to purchase for $250K however we budgeted out all scenarios for up to $270K. We will walk away if they wont accept $270K. Renovation budget $70-90K. Estimated costs with unforeseen issues (windows, roof and electric) budgeted for into however if the money we allocated for the unforeseen costs is not needed we reinvest into other projects in the house and remaining goes back to pay off loan. Walked the outside of property and roof looks good, windows 50/50 chance well have to replace. We will know more about the property when we speak to our realtor regarding, plumbing and electrical needs. Timeline 3-4 months. ARV $380K+. Not yet in contract.
Status
Closed
Created
May 11, 2020 - 8:32am
Hard Money Lenders Now Offering Real Estate Investor Loans in Pennsylvania Philadelphia | Pittsburgh | Allentown | Erie | Gainesville | Reading Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans