Loan amount
$314,500
Loan type
Refinance
{Fix&Flip}
After Repair Value
$428,000
ARV
73%
{ARV}
Property type
Single Family
Borrower Details
Credit score
700
Deal experience
3 deals
This loan scenario was submitted by a Broker
No
Property Details
City
State College
State
Pennsylvania
Loan Details
Current mortgage balance
$36,000
Cost of improvements
$278,320
Estimated property value after repairs
$428,000
Additional Loan Information
The project is a new construction build of a 2,120 SF home by a regional builder in central Pennsylvania. The land is already owned with a mortgage balance of $36K with an appraised value of $65K. A deposit of $5K to the builder has been paid along with around $4K paid to the township for a sewer tap fee. The total cost of the project is $316,320.
The plan is to build and immediately flip the home, selling it around $200 per SF, the going price per SF for new construction in the area. Homes in State College are on the market for an average of 17 days and inventory remains low. A contract was executed; the list price is currently set for $428K and is already listed for sale on the market
The plan is to build and immediately flip the home, selling it around $200 per SF, the going price per SF for new construction in the area. Homes in State College are on the market for an average of 17 days and inventory remains low. A contract was executed; the list price is currently set for $428K and is already listed for sale on the market
Status
Closed
Created
January 13, 2021 - 4:22pm
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