Loan amount
$375,000
Loan type
Purchase
{Construction}
After Repair Value
$800,000
{PP:$175,000}
ARV
47%
{ARV}
Property type
Single Family
Borrower Details
Credit score
675
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Crystal Lake
State
Illinois
Loan Details
Purchase price
$175,000
Down payment
$0
Cost of improvements
$200,000
Estimated property value after repairs
$800,000
Additional Loan Information
The house I live in now was a hard cash loan. I owe 383,000 current comps are $625,00- 700,000. I want to purchase 5 separate parcels. Which all boarder each other. For a total of 8.4 acres. 1.52 acres is what I want to have 5 tiny homes all different styles. People can book to stay, for fun or to get a feel if a tiny home is for them. I want to purchase a 2022 rv to live in while my prefab home is being constructed. They 5 parcels is listed @ 200,000. Which I want to offer 175,000. I’m flying from Washington state where i currently own. To Illinois to walk the property. I took out a hard cash loan about 8 years ago in Arizona. So if approved, this will be my 3rd hard cash loan.
Status
Open
Created
October 3, 2023 - 2:18am
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