Loan amount
$40,000
Loan type
As-Is Property Value
$120,000
LTV
34%
{LTV}
Property type
5 acre rural residential building site with 3 out buildings
Borrower Details
Credit score
600
Deal experience
5 deals
This loan scenario was submitted by a Broker
Property Details
State
Minnesota
Loan Details
Additional Loan Information
Property owned free and clear without a mortgage. I am looking to improve the property by renovating the one existing building into a personal shop area to increase the rental income. I currently rent out one of the buildings as storage for boats, campers, etc which produces $400/month. The addition of the shop area will add an additional $800/month. Looking for a 5-year loan. Realtor appraised the property at $120K.
Status
Closed
Created
September 4, 2019 - 9:02am
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