Loan amount
$30,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$63,000
{PP:$39,999}
LTV
48%
{LTV}
Property type
Single Family
Borrower Details
Credit score
500
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
New Iberia
State
Louisiana
Loan Details
Purchase price
$39,999
Down payment
$10,000
Additional Loan Information
Son has been renting the property for many years and improving it all the while. It has become inherited by the original owner's children and they want to sell out ASAP. Son might be undergoing a divorce soon so mother wants to assume the purchase contract and buy the house for him to lease-option purchase from her. He is a commercial diver in the gulf so can make good money when the politics/economics are right (which aren't right now but that could change at any time). I was burned out in one of the California wildfires so am expecting a claim settlement from our power utility at any time that potentially could pay the loan off. A prepayment clause for up to a year would be acceptable though to insure the lender gets sufficient return. We have a current appraisal for $63k. Neither of us has established much credit as we have always just done business in cash for simplicity's sake.
Status
Open
Created
December 1, 2021 - 3:04pm
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