Loan amount
$162,500
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$250,000
LTV
65%
{LTV}
Property type
Single Family
Borrower Details
Credit score
625
Deal experience
3 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
St Louis
State
Missouri
Loan Details
Current mortgage balance
$0
How much cash-out are you looking for?
$162,500
Additional Loan Information
My client purchased the property in a cash transaction in 2020. Because of covid he had not had the opportunity to start on the work needed to get the property in rental condition. Rehab will include a new roof, electrical and plumbing updates, kitchen and bathrooms updated, replacing drywall, and replacing flooring.
After repair value will be $250,000 or more. My client needs cash out of $120,000 for the rehab and $30,000-$40,000 for debt consolidation. My client has to other properties with lower values that have no mortgage balances which could be used for cross collateralization.
After repair value will be $250,000 or more. My client needs cash out of $120,000 for the rehab and $30,000-$40,000 for debt consolidation. My client has to other properties with lower values that have no mortgage balances which could be used for cross collateralization.
Status
Closed
Created
January 14, 2022 - 2:18pm
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