Loan amount
$355,000
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$600,000
LTV
59%
{LTV}
Property type
Multi-Family 1-4 Units
Borrower Details
Credit score
550
Deal experience
3 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Newark
State
New Jersey
Loan Details
Current mortgage balance
$255,000
How much cash-out are you looking for?
$100,000
Additional Loan Information
Triplex was purchased March 2019 all three units are rented; Investor needs to cash-out to complete repairs needed on another property he owns. credit is low; however, mortgage payments are up-to-date and have never been late, looking for a short term 24-month bridge loan with the exit strategy of refinancing to a long-term loan once credit has improved or sell the property.
Status
Open
Created
November 27, 2023 - 5:33pm
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