Loan amount
$3,850,000
Loan type
Refinance {Construction}
After Repair Value
$5,000,000
ARV
77% {ARV}
Property type
Single Family
Borrower Details
Credit score
775
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Los Alamitos
State
California
Loan Details
Current mortgage balance
$1,350,000
Cost of improvements
$2,500,000
Estimated property value after repairs
$5,000,000
Additional Loan Information
I purchased a home in December 2022 for 1.435mm. Current amount owed on the property is 1.35mm. I want to tear down the home and build a new 5,500 sq ft home. Current project budget is 2.5mm in addition to the 1.35mm currently owed. Personal household income is 575k. Ideally looking for a DTI requirement that is higher than 50% and a high LTV (based on completed cost). Plan is to occupy the home after project completion (owner-occupied).
Status
Created
April 3, 2024 - 2:39pm

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