Loan amount
$430,000
Loan type
Purchase
{Fix&Flip}
After Repair Value
$740,000
{PP:$350,000}
ARV
58%
{ARV}
Property type
Single Family
Borrower Details
Credit score
650
Deal experience
2 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Placitas
State
New Mexico
Loan Details
Purchase price
$350,000
Down payment
$20,000
Cost of improvements
$100,000
Estimated property value after repairs
$740,000
Additional Loan Information
Property is currently owned but want to purchase with new company and partners. Large family home, 7500 sq.ft., on almost 5 acres. Remodel started, under $100,000 in repairs needed. 2 year old appraisal has ARV at $740K. Repairs should take 90-120 days, marketing time estimated at 150 days. Need loan for one year. We started a fix and flip company with three partners. Had multiple properties being renovated One partner didn't work out had to buy him out. Because of the buy out we were under capitalized and couldn't finish this remodel. Existing Lender Temple View won't extend past 2 years. New partners are strong financially. Partner 1-Electrical contractor, Partner 2-Electrical Engineer, Partner 3-Broker/Owner real estate company and retired general contractor, plumber and electrician, Partner 4-Real Estate Broker. We can complete the project with a substantial profit if we can acquire funding.
Status
Open
Created
March 1, 2021 - 1:52pm
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