Loan amount
$646,000
Loan type
Refinance
{Rent&Hold}
As-Is Property Value
$1,135,000
LTV
57%
{LTV}
Property type
Single Family
Borrower Details
Credit score
660
Deal experience
4 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Sacramento
State
California
Loan Details
Current mortgage balance
$645,878
Additional Loan Information
This property is a 10 bed 4.5 ba home 3600 sq. feet. The property consists of 2 parcels. The home sits on a lot that is 0.64 acre and the other lot is vacant, about 0.43 acre. This home is used as a Room for Rent for the homeless who want to get their lives back on track. There are entitles that work with these people to help them find a home. The rent from these people are usually paid by themselves, a family member, or one of the entities that help them find residency. There are 2 people to a room at $750 per person. At this time there are 16 people living in the home.
We are trying to refinance in order to obtain enough money for a commercial property that is more of a mixed use. It consists of a warehouse area, an office, and 2 apartments upstairs/ (2 bed 2 bath and 1 bed 1 bath). The purchase price is $740,000.
Using the refinance as downpayment for the purchase.
We are trying to refinance in order to obtain enough money for a commercial property that is more of a mixed use. It consists of a warehouse area, an office, and 2 apartments upstairs/ (2 bed 2 bath and 1 bed 1 bath). The purchase price is $740,000.
Using the refinance as downpayment for the purchase.
Status
Open
Created
March 29, 2021 - 8:37pm
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