Loan amount
$200,000
Loan type
As-Is Property Value
$350,000
LTV
58%
{LTV}
Property type
Apartment building
Borrower Details
Credit score
770
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
State
Ohio
Loan Details
Additional Loan Information
Distressed 4 unit property listed for $45K. Estimated rehab budget of $200K based on $50/sqft rehab (4000sqft property). ARV of $350-400K based on 8% cap rate. I have submitted an offer at $55K to purchase and should be notified in in 48hrs of sellers decision. Property located in Columbus, OH 43211. I plan to hold this property long term (BRRRR Deal), however depending on the appraisal/refinance at the end I may decide to sell. I project this project to take 6-9 months, so ideally looking for a 12 month loan term. Flexibility to extend an additional 3-6 months would be great as well though. Estimated monthly income is $900/mo x 4 units, so $3600/mo.
Status
Closed
Created
August 11, 2020 - 9:11am
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