Loan amount
$15,000
Loan type
As-Is Property Value
$32,000
LTV
47% {LTV}
Property type
Mobile home
Borrower Details
Credit score
675
Deal experience
6 deals
This loan scenario was submitted by a Broker
Property Details
State
Washington
Loan Details
Additional Loan Information
There is a new Amazon fullfillment center opening about five miles from the home I just bought. There is a similar home for sale in this park and they just dropped the price from $40,000 to $38,000. I have a Titan 1977 mobile 14x67 = 924 square feet. If you go to Zillow and enter the zip 99224 you will see the home. There's is a 3x2 and mine is 3x1.
Also on Zillow at the same location is a double wide that needs work and the homes in this park run upwards of $100,000. They just dropped the price from $18,000 to $15,000. It needs work and the Amazon fulfillment center will be ramping up hiring in the first half of 20. and so the value should take quite a jump especially after it is fixed up and the area is swarming with Amazon employees in search of housing - especially affordable housing. The shell is intact but the interior gutted - so I want to put it back together and re-sell. In addition to the Amazon fulfillment center about 5 - 7 miles away, Fairchild AFB is taking on an extra 12 KC135 tankers and support crew which is about 10 miles away. By the time six months goes by I am confident that the home could fetch close to $100,000.
Status
Created
November 7, 2019 - 8:17am

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