Loan amount
$1,700,000
Loan type
Purchase {Construction}
After Repair Value
$4,500,000 {PP:$1,100,000}
ARV
38% {ARV}
Property type
Townhome
Borrower Details
Credit score
700
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Houston
State
Texas
Loan Details
Purchase price
$1,100,000
Down payment
$150,000
Cost of improvements
$750,000
Estimated property value after repairs
$4,500,000
Additional Loan Information
Townhomes in two phases. 1st purchase land, 2nd sign up xxxx Professionals(5 years in construction) as General Contractor (will do all work), 3rd sign up xxxx painting as foreman(40 years in construction), xxxx professionals will get permits, do plans, surveys, get inspection set.

I will need to sale a certain number of units to repay my loan, I am buying two (self and daughter), and I have a buyer for a 3rd. I will only need to sale 1 unit to pay back the loan plus all fees.

I am using my house as collateral. It has 200k worth of equity. Once we move into our townhome, we will sale it and take all the 80% of 200k and make our first payment to our lender.

I make 240k a year. I am a nurse anesthetist with two college degrees.

My son will act as co foreman on this project. He has worked in construction in this area but he flips house.

This is a well thought out plan. We have estimates on the entire project down to the lightbulbs. We are ready to start!
Status
Created
February 16, 2021 - 11:03am

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