Loan amount
$275,000
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$605,000
LTV
45%
{LTV}
Property type
Vacant Land
Borrower Details
Credit score
608
Deal experience
30 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Ellijay
State
Georgia
Loan Details
Current mortgage balance
$175,000
How much cash-out are you looking for?
$100,000
Additional Loan Information
I purchased 50 acres +- in North Georgia Mountains about an hour North of Atlanta Ga on 01/2023 For $560,000.00 paid cash. I have an appraisal that was completed in 01/2023 prior to me buying the property. It appraised as is no improvements for $605,000.00. Ellijay Ga is one of the fast-growing towns in North Geogia. The property is about 8 miles from Ellijay Ga the town and is divided by the main Road called Burnt Mountain Rd. There is 33 Acres on one side and 18 on the other. I have been clearing and cleaning the land installing driveways and deep wells. I am going to offer the 18.5 acres for sale for $395,000.00 pay off the $275,000.00 put $120,000.00 in my pocket and still have the additional 33 acres worth $660,000.00. I own a real estate company that has been in business sense 1985 and a development company as well.
Status
Open
Created
December 19, 2023 - 4:47pm
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