Loan amount
$185,000
Loan type
Refinance {Fix&Flip}
After Repair Value
$490,000
ARV
38% {ARV}
Property type
Single Family
Borrower Details
Credit score
643
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Rapid City
State
South Dakota
Loan Details
Current mortgage balance
$110,000
Cost of improvements
$75,000
Estimated property value after repairs
$490,000
Additional Loan Information
I own the property but I do not live there. It is a ranch style 2300 square foot home with 2 car attched garag,full basement, 3 bathrooms built in 1973 that sits on 4.66 acers. Around 9 miles out of town. Very desirable property. I have owned the property since 1993 it was my primary residence till late 2018 when I suffered 2 heart attacks which disabled me and I can no longer work. My wife was diagnosed with terminal cancer in January and I lost her in February 2019.At that time I moved in with my 96 year old father that needed lite care and helped him till he passed in late July 2021 I am currently living in his home but I have to purchase it as soon as possible because it has a revise mortgage. It has been a rough last few years and the credit card companys have destroyed my credit as well. I may be 68 now but I am not a quitter and I want to move forward and rebuild my life. Part of that is to upgrade the home (my project) encluding flooring,remodel the bathrooms and kitchen, some windows, some siding, paint inside and out. I have invisted 6,000.00 into the extior so far some new siding and paint but need to finish. I have lined up 2 contractors for the work. I hope that you folks will help me with my journey moving forward.

Status
Created
March 30, 2022 - 6:45pm

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