Loan amount
$670,000
Loan type
Purchase
{Fix&Flip}
After Repair Value
$800,000
{PP:$650,000}
ARV
84%
{ARV}
Property type
Vacant Land
Borrower Details
Credit score
664
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Warrenton
State
Missouri
Loan Details
Purchase price
$650,000
Down payment
$0
Cost of improvements
$20,000
Estimated property value after repairs
$800,000
Additional Loan Information
The property is roughly 100 acres in a highly desirable area that is growing quickly. There is one area that the current owner has set up a fully ready homesite on. The property is not listed yet but owner is willing to sell to me for $650,000. The plan is to purchase the property for $650,000 and sell the homesite as a 10 acre property with the full hookups complete and ready homesite (as it is already) for $150,000 *list for $200,000 but prepare to take at least $150,000. This area is getting $15,000 - $20,000 an acre for land with utilities. Once we sell this section of the property that money will be used as a down payment for a traditional mortgage on the property to then pay off this hard money loan plus its fees and interest.
Status
Open
Created
January 20, 2022 - 3:52pm
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