Loan amount
$175,000
Loan type
As-Is Property Value
$700,000
LTV
25%
{LTV}
Property type
Single family homes
Borrower Details
Credit score
792
Deal experience
8 deals
This loan scenario was submitted by a Broker
Property Details
State
Oregon
Loan Details
Additional Loan Information
Banks won't loan on 3 single family dwellings on one tax lot (grandfathered for three residences), even though I own all three dwellings free and clear. They financed construction in 2005 and 2007. Everything has been county approved all the way through the process. I don't understand the issue; the value is there, my credit is good, and I want to finish improving the property and clear some debts. I have 3 years taxes, the county appraisal and a detailed application filled out to email to lenders. The county even did the addresses, (it should have been 77 Orr, 1, 2, and 3 or A, B and C). All three are currently rented out. Located in Central Point, OR 97502. Combined value of at least $700K. The property is 1.37 acres. (Resubmitted with additional information)
Status
Closed
Created
December 5, 2019 - 11:44am
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