Loan amount
$85,000
Loan type
Refinance {Fix&Rent}
After Repair Value
$230,000
ARV
37% {ARV}
Property type
Single Family
Borrower Details
Credit score
750
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Springfield
State
Louisiana
Loan Details
Current mortgage balance
$0
Cost of improvements
$85,000
Estimated property value after repairs
$230,000
Additional Loan Information
Property is a 3 bed 2 bath on a 2.7-acre lot. Got an 85k rehab estimate from the contractor I'm going to use. Property at the end of the street sold for $260k over a year ago. the property was bigger, but it had some older aspects to it and only has a 1.7-acre lot. ARV will be at least $230k and I would expect it to be worth more. I plan on refinancing the property as soon as I get a renter in there. The loan I get to purchase and repair the property will be repaid within a few months.
Status
Created
June 14, 2021 - 3:20pm

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