Loan amount
$270,000
Loan type
As-Is Property Value
$420,000
LTV
65%
{LTV}
Property type
Multi-family
Borrower Details
Credit score
750
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
State
Massachusetts
Loan Details
Additional Loan Information
Flip and hold property. Three family property was recently reduced by $44.9K and is now currently on the market for $275K. Property needs updating. Seller already begin the work. Total approximate rehab costs including purchasing and financing $317K and estimated ARV $420K. Approximate time of of projected completion is 4 months. Non-owner occupied, no current tenants. Rent after completion $1,500 per unit. Reserves available approximately $30K. Seeking funding for purchase and construction costs. Not yet in contract. Property is located in Worcester. Anticipated loan term is about 4-6 months. Once property is finished and leased I will refinance.
Status
Closed
Created
August 17, 2020 - 7:27pm
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