Loan amount
$575,000
Loan type
Purchase
{Fix&Rent}
After Repair Value
$725,000
{PP:$525,000}
ARV
79%
{ARV}
Property type
Vacant Land
Borrower Details
Credit score
731
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Lebanon
State
Tennessee
Loan Details
Purchase price
$525,000
Down payment
$25,000
Cost of improvements
$75,000
Estimated property value after repairs
$725,000
Additional Loan Information
6.33 Acres of currently zoned residential property that newly perked for 4 bedroom single family. The property has 8000 square feet of commercial grade warehouse space spread between 3 separate buildings. I want to buy the property and lease the buildings to a tenant (who I have already committed) in order to pay the mortgage and positive cash flow it every month. The land is currently residential but I will seek to convert it to commercial after purchase asap since there is commercial properties all around it. Current offer of $525,000 has been accepted by seller but I need $600,000 including the $75K rehab budget to make some tenant improvements as part of the lease.
Status
Open
Created
March 31, 2022 - 7:04pm
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