Loan amount
$3,080,000
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$6,000,000
LTV
51%
{LTV}
Property type
Single Family
Borrower Details
Credit score
630
Deal experience
2 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Portsmouth
State
Rhode Island
Loan Details
Current mortgage balance
$2,280,000
How much cash-out are you looking for?
$800,000
Additional Loan Information
The client owns an ocean-front home in Rhode Island with a private beach used for corporate events, family vacations and special events with very strong income . The demand has actually went up with COVID as vacationers are looking for private facilities vs. hotels. The CLTV is 51%. The cash out will be used to add a third floor, additional suite and a deck. The house will then be put on market with a listing price of $6.5 - $7MM. Additionally, the client owns 9 acres of ocean front property in Jamaica that is owned free and clear by a U.S. LLC that is owned by the client and has entitlements for 267 units. The property has an estimated value of $2.75 million. The client is willing to use this property as additional collateral for the loan, which now puts the LTV at just over 34%.
Status
Open
Created
March 10, 2021 - 5:29pm
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