Loan amount
$750,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$1,700,000
{PP:$950,000}
LTV
44%
{LTV}
Property type
Multi-Family 5+ Units
Borrower Details
Credit score
640
Deal experience
2 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Lubbock
State
Texas
Loan Details
Purchase price
$950,000
Down payment
$200,000
Additional Loan Information
14 units on 15 acres with horses & stables (3sfr, 1 DW MH, 10 SW MH)
13 rented at 12050/mo
No current rent for horses- changing at purchase
Avg 6 cap for area
500k construction funding over purchase adds 10 townhome style units and 16 horse stalls as well as roping arena (ag college nearby- good demand for equine facilities)
ARV over 2,000,000 post construction (have other appraisal comp 1.4 in 3 mo, and sold comp 2mm within 6 mo (NOI value over much over comp values post const)
Current lender backout at closing table
13 rented at 12050/mo
No current rent for horses- changing at purchase
Avg 6 cap for area
500k construction funding over purchase adds 10 townhome style units and 16 horse stalls as well as roping arena (ag college nearby- good demand for equine facilities)
ARV over 2,000,000 post construction (have other appraisal comp 1.4 in 3 mo, and sold comp 2mm within 6 mo (NOI value over much over comp values post const)
Current lender backout at closing table
Status
Open
Created
December 2, 2022 - 5:03pm
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