Loan amount
$110,000
Loan type
Purchase
{Fix&Rent}
After Repair Value
$305,000
{PP:$105,000}
ARV
36%
{ARV}
Property type
Multi-Family 1-4 Units
Borrower Details
Credit score
630
Deal experience
3 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Rumford
State
Maine
Loan Details
Purchase price
$105,000
Down payment
$20,000
Cost of improvements
$25,000
Estimated property value after repairs
$305,000
Additional Loan Information
Purchase of a distressed home that will not pass FHA inspection. Consists of owners suite and two rental units attached.
Previous rehab was poorly done and property requires mitigation to stop further damage. Occupant is experienced and capable of coordinating repairs work.
End goal is long term occupancy using an USDA loan after 24 months
Previous rehab was poorly done and property requires mitigation to stop further damage. Occupant is experienced and capable of coordinating repairs work.
End goal is long term occupancy using an USDA loan after 24 months
Status
Open
Created
August 6, 2023 - 1:05pm
Hard Money Lenders Now Offering Real Estate Investor Loans in Maine Portland | Lewiston | Bangor | Auburn | Biddeford | Sanford Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans