Loan amount
$295,000
Loan type
Refinance {Construction}
After Repair Value
$428,000
ARV
69% {ARV}
Property type
Single Family
Borrower Details
Credit score
700
Deal experience
3 deals
This loan scenario was submitted by a Broker
No
Property Details
City
State College
State
Pennsylvania
Loan Details
Current mortgage balance
$35,000
Cost of improvements
$260,000
Estimated property value after repairs
$428,000
Additional Loan Information
First, the house is already under contract to be sold. The project is a new construction build of a 2,120 SF home by Fine Line Homes, a regional builder in central Pennsylvania. The land is owned with a mortgage balance of $35K with an appraised value of $65K. The home to-be-built is already under contract to be sold at full asking price of $428,240. A deposit of $5K to the builder has been paid along with around $15K paid in soft costs. The total request for a loan is $295,000.
Status
Created
March 1, 2021 - 5:40pm

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