Loan amount
$145,000
Loan type
As-Is Property Value
$1,100,000
LTV
14%
{LTV}
Property type
Apartment building
Borrower Details
Credit score
800
Deal experience
5 deals
This loan scenario was submitted by a Broker
Property Details
State
Michigan
Loan Details
Additional Loan Information
Church conversion into multi family rentals. 11 units from 7,0000 sqft building adjacent to downtown. Purchase price is $120K. $23.5K down. Renovation budget is $600K (decreased cost because I’m the general contractor). Renovation timeline is 12 months, happening in 4 phases. Estimated value after renovations $1,112,500. I am currently in contract. PA expires 12/31/2020. The property is in Alma, MI 48801. Expected monthly rental income $9,900. I plan on holding this property, however, I expect that the Michigan Economic Corporation (due to the project preserving an important historical property for the town in a way that services the rental needs of the community) at the completion of the project would offer me the opportunity to refinance my loan at a 1% interest rate. I would prefer a 30 year loan, however, my proforma is robust at a 20 year term with a DSCR at 1.98.
Status
Closed
Created
September 13, 2020 - 7:28pm
Hard Money Lenders Now Offering Real Estate Investor Loans in Michigan Detroit | Grand Rapids | Warren | Ann Arbor | Lansing | Flint Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans