Loan amount
$140,000
Loan type
Purchase
{Fix&Flip}
After Repair Value
$201,000
{PP:$50,000}
ARV
70%
{ARV}
Property type
Multi-Family 1-4 Units
Borrower Details
Credit score
620
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Rock Falls
State
Illinois
Loan Details
Purchase price
$50,000
Down payment
$20,000
Cost of improvements
$110,000
Estimated property value after repairs
$201,000
Additional Loan Information
I am just looking at this property as a beginner with no experience. The property costs $45,000 and heavy repairs would be around $100,000. Using the BRRRR method, I aim to get the ARV to $201000. All lenders require a $50000 minimum purchase price, but I would like a loan that’s based on the worth of the ARV rather than the purchase price. Would that be okay or would there be a way to work around that without having to increase my purchase price?
Status
Open
Created
July 9, 2021 - 9:55pm
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