Loan amount
$135,000
Loan type
As-Is Property Value
$205,000
LTV
66%
{LTV}
Property type
4 Condos
Borrower Details
Credit score
750
Deal experience
8 deals
This loan scenario was submitted by a Broker
Property Details
State
North Carolina
Loan Details
Additional Loan Information
Property has been fully rehabbed, 2 units are leased and the other 2 are being used as STRs each grossing around $3300/mo. We purchased the property about a year ago. All 4 condos are identical. They are titled to an LLC, and we have been in the process of getting a conventional loan on them, but ran into issues with the seasoning of the title. We continue to work on this, but need to replace our current fix and flip loan with a bridge loan. The 4 condos are located in Asheville, NC. The amount owed is a total of $473k, so $118,250 per property.
Status
Closed
Created
August 17, 2020 - 7:32pm
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