Loan amount
$2,950,000
Loan type
Purchase {Construction}
After Repair Value
$5,500,000 {PP:$950,000}
ARV
54% {ARV}
Property type
Multi-Family 1-4 Units
Borrower Details
Credit score
780
Deal experience
6 deals
This loan scenario was submitted by a Broker
No
Property Details
City
San Jose
State
California
Loan Details
Purchase price
$950,000
Down payment
$100,000
Cost of improvements
$2,100,000
Estimated property value after repairs
$5,500,000
Additional Loan Information
I've been approved to use FHA for this construction project. Only problem is FHA approves up to 2.1M. I need the rest of the cash to purchase and hold the land while construction is completed. The FHA loan has to hold the title.

I have architect plans, renderings, submittals all ready to go. New construction of 5k sq ft, 3 4BR/3BA units in Downtown SJ should be valued at at least $5.5m once completed.

I have reliable income (last year I did $1.4m), with already awarded, but as yet unvested RSUs up to $1.5M from my job a large tech firm.

I'm looking for a partner to help me get this deal done.
Status
Created
July 30, 2023 - 9:46am

Hard Money Lenders Now Offering Real Estate Investor Loans in California Los Angeles | San Diego | San Jose | San Francisco | Fresno | Sacramento Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans