Loan amount
$325,000
Loan type
As-Is Property Value
$500,000
LTV
65%
{LTV}
Property type
Single family home
Borrower Details
Credit score
528
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
State
Georgia
Loan Details
Additional Loan Information
My client wants to do a cash out to complete some remodeing in the property that he started already. Purchase price was $225K. Already put approx. $50K into the home so far which consists of new floors, water heater, paint inside and out, plumbing, electrical, and other minor improvements. Borrower believes property will appraise for $500K and wants to do a loan of $325K to pay off his current mortgage and get the remainder in cash out to add the 2 bedrooms to the home. Mortgage balance of $160K. Located in Bloomington, GA 31320. 3 year term is fine. I am a broker representing my client.
Status
Closed
Created
December 27, 2019 - 2:50pm
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