Loan amount
$410,000
Loan type
Refinance
{No Cash-Out}
As-Is Property Value
$1,100,000
LTV
37%
{LTV}
Property type
Vacant Land
Borrower Details
Credit score
610
Deal experience
10 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Blue Island
State
Illinois
Loan Details
Current mortgage balance
$410,000
Additional Loan Information
This is vacant land 6 1/2 acres he just got the plans to build a small office and 150 parking spots for trucks
The spots rent easy about 300 per truck
The lot adjacent to him is a mechanic for semi trucks development this is all industrial land and they have no more room to facilitate any more trucks for rental. They’re willing to give a lease in writing for 100 spots At $300 a month per spot
He passed his default date (March 2022) but he’s never stop making payments The person at the LENDING office he was working with recently died so now the lender is calling the note.
I should have approval for the construction funding any day which will pay off this land.
He needs 3 to 6 months just to be safe. She has no problem paying interest payments.
The spots rent easy about 300 per truck
The lot adjacent to him is a mechanic for semi trucks development this is all industrial land and they have no more room to facilitate any more trucks for rental. They’re willing to give a lease in writing for 100 spots At $300 a month per spot
He passed his default date (March 2022) but he’s never stop making payments The person at the LENDING office he was working with recently died so now the lender is calling the note.
I should have approval for the construction funding any day which will pay off this land.
He needs 3 to 6 months just to be safe. She has no problem paying interest payments.
Status
Open
Created
June 22, 2023 - 4:53pm
Hard Money Lenders Now Offering Real Estate Investor Loans in Illinois Chicago | Aurora | Naperville | Joliet | Rockford | Springfield Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans