Loan amount
$400,000
Loan type
Purchase
{Construction}
After Repair Value
$1,000,000
{PP:$900,000}
ARV
40%
{ARV}
Property type
Single Family
Borrower Details
Credit score
650
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Manchester
State
Michigan
Loan Details
Purchase price
$900,000
Down payment
$700,000
Cost of improvements
$200,000
Estimated property value after repairs
$1,000,000
Additional Loan Information
I am building a new home that is a mid-century modern ranch located on 10 acres of rolling hills. I have invested over $700,000 of my own money but need approximately $200,000 to pay contractors and complete the build. Once the house is complete, I plan to secure a home equity line of credit to repay the construction loan.
Status
Open
Created
March 22, 2022 - 1:02am
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