Loan amount
$250,000
Loan type
As-Is Property Value
$450,000
LTV
56%
{LTV}
Property type
New stick built single family home water front
Borrower Details
Credit score
500
Deal experience
4 deals
This loan scenario was submitted by a Broker
Property Details
State
Washington
Loan Details
Additional Loan Information
2 full water view lots plus 1 partial water view lot. New Stick Built. 1375 sq ft., 3 bedroom 2 full baths. Fee simple. Fully serviced.
We currently own the three building lots (total: 1 acre). Home is built on 2 lots facing waterfront - stick built new construction completed this past January.
Third lot includes common drive way to new build (fully serviced, fee simple). Can build a second home on this lot (.45 acre).
Type of loan: 3 year term , monthly payments. Would like to exit with a reverse mortgage, now being retired.
Cost of three lots was $75,000, plus clearing, driveway, other site prep $15,000 or so.
Cost of new build waterfront home spread over lot 1 and lot 2 $215,000.
Today's home value new built on lot's 1 and 2: $425,000
Value of lot 3 fully serviced, partial water front view: $60,000+
We currently own the three building lots (total: 1 acre). Home is built on 2 lots facing waterfront - stick built new construction completed this past January.
Third lot includes common drive way to new build (fully serviced, fee simple). Can build a second home on this lot (.45 acre).
Type of loan: 3 year term , monthly payments. Would like to exit with a reverse mortgage, now being retired.
Cost of three lots was $75,000, plus clearing, driveway, other site prep $15,000 or so.
Cost of new build waterfront home spread over lot 1 and lot 2 $215,000.
Today's home value new built on lot's 1 and 2: $425,000
Value of lot 3 fully serviced, partial water front view: $60,000+
Status
Closed
Created
July 31, 2019 - 10:06am
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