Loan amount
$165,000
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$300,000
LTV
55%
{LTV}
Property type
Other Commercial
Borrower Details
Credit score
600
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
North Creek
State
New York
Loan Details
Current mortgage balance
$125,000
How much cash-out are you looking for?
$40,000
Additional Loan Information
This is a mixed use property I purchased in June 2021. It has 2 commercial units that have leased for 2.5 years, never missed payments. The income from these is $2100/month. The upstairs is a short term rental on AirBnB that averages $5000 a month in come.
When I bought the property I did owner-financing. The property has ballooned and I am making balloon payments each month.
I am looking for cash out refinance for longer terms to lower the monthly payments and free up equity cash.
I grew up in the town it is located in.
I am the sole owner of the property.
I do not live in the property.
When I bought the property I did owner-financing. The property has ballooned and I am making balloon payments each month.
I am looking for cash out refinance for longer terms to lower the monthly payments and free up equity cash.
I grew up in the town it is located in.
I am the sole owner of the property.
I do not live in the property.
Status
Open
Created
February 17, 2024 - 9:25pm
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