Loan amount
$40,000
Loan type
As-Is Property Value
$70,000
LTV
58%
{LTV}
Property type
Single family home
Borrower Details
Credit score
500
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
State
Michigan
Loan Details
Additional Loan Information
Bank home purchased for $1,100. Property located in Detriot, MI. Fire damage to the 1st floor contained did not burn through; structure of house still good. Loan is for renovations which will take 6 months. ARV $60-75K. Will occupy the home for a couple months just to keep it occupied then we will be renting within 3 months after final renovation. We want to continue to buy houses from the bank to fix up. Loan duration 12 months.
Status
Closed
Created
March 9, 2020 - 10:09am
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