Loan amount
$105,000
Loan type
As-Is Property Value
$250,000
LTV
42%
{LTV}
Property type
Multi-family
Borrower Details
Credit score
560
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
State
New Mexico
Loan Details
Additional Loan Information
Historic commercial building with three 720 sqft units. One unit owner occupied. Needing funds to complete conversion of other units to a duplex. Zoned mixed use commercial/residential. Property purchased with $138K cash. No mortgage but current bank line of credit for $55K. Seeking $105K to pay off line of credit used for renovations to date, and additional $50K to complete duplex rental potential. 1 month remaining timeline. ARV $250K. Property located in Silver City, NM. Estimated monthly rental income $1,400. Prefer long-term loan, if possible.
Status
Closed
Created
July 10, 2020 - 4:12pm
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