Loan amount
$400,000
Loan type
As-Is Property Value
$750,000
LTV
54%
{LTV}
Property type
Single family home
Borrower Details
Credit score
779
Deal experience
2 deals
This loan scenario was submitted by a Broker
Property Details
State
Alaska
Loan Details
Additional Loan Information
New Construction in Ski Resort Community with a very tight inventory of homes for sale and a high demand. I am a 20+ year contractor in Alaska. I have specialized in primarily commercial cladding for the last 15 years but have also built several homes in the past. Including my personal home. I have purchased the land at $214K with a loan that I owe $150K on. I put $64K down on the land. We would want to refinance the loan as part of the construction package if I decide to use a hard money loan rather than traditional lending. I have already spent an additional $50K of my own money installing the foundation, water, sewer and driveway. The construction budget is $265K for materials, labor and subcontractors. This includes the $50K I have already spent. I have already started construction and expect to have the house finished and sold by this upcoming spring March-May. The estimated value is $750K-$800K upon completion. Located in Girdwood, Alaska.
Status
Closed
Created
October 7, 2019 - 8:12am
Hard Money Lenders Now Offering Real Estate Investor Loans in Alaska Anchorage | Fairbanks | Juneau | Sitka | Ketchikan | Kenai Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans