Loan amount
$5,500,000
Loan type
Refinance
{Fix&Flip}
After Repair Value
$12,000,000
ARV
46%
{ARV}
Property type
Single Family
Borrower Details
Credit score
800
Deal experience
12 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Atherton
State
California
Loan Details
Current mortgage balance
$3,500,000
Cost of improvements
$2,000,000
Estimated property value after repairs
$12,000,000
Additional Loan Information
I have a loan request for my client that we are in desperate need of. We have loan docs signed with another Lender and they don’t have the funds to close it. They are telling me they are waiting for a payoff. It has been 6 weeks. Recent Appraisal as is value was $6.2M. We need a Loan of $3.8M plus $2M for Construction. ARV will be $12M + Current 1st loan is due and the current 1st did file a NOD and now has filed a NTS with a sale date of March 24. He is shovel ready and final plans and permits are approved for the Construction.
Status
Closed
Created
March 22, 2021 - 5:17pm
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