Loan amount
$1,240,000
Loan type
Purchase
{Construction}
After Repair Value
$2,200,000
{PP:$640,000}
ARV
56%
{ARV}
Property type
Vacant Land
Borrower Details
Credit score
650
Deal experience
2 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Key Largo
State
Florida
Loan Details
Purchase price
$640,000
Down payment
$200,000
Cost of improvements
$800,000
Estimated property value after repairs
$2,200,000
Additional Loan Information
I am purchasing 2 lots, $350,000 and 290,000, these units will be used to biuild 2 1700 sqr feet vacation properties.
I need to close in 30 days. One of the lots has an approved plan already-ready to build, the other we will apply for permits.
The construction costs approximately $400,000 each.
Total costs for project 1,440,000.00
Likely, one unit will be complete first.
So we would need 650k+400K x 2 each gradual draw construction loan.
The completed value on these units are approximately 1,1 M.
The intention is to sell 1 unit , likely the first and complete the 2nd then sell it .
I need to close in 30 days. One of the lots has an approved plan already-ready to build, the other we will apply for permits.
The construction costs approximately $400,000 each.
Total costs for project 1,440,000.00
Likely, one unit will be complete first.
So we would need 650k+400K x 2 each gradual draw construction loan.
The completed value on these units are approximately 1,1 M.
The intention is to sell 1 unit , likely the first and complete the 2nd then sell it .
Status
Open
Created
May 17, 2022 - 4:43pm
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