Loan amount
$10,500,000
Loan type
As-Is Property Value
$17,000,000
LTV
62%
{LTV}
Property type
Single family house
Borrower Details
Credit score
600
Deal experience
10 deals
This loan scenario was submitted by a Broker
Property Details
State
Florida
Loan Details
Additional Loan Information
Waterfront on the inter-coastal on a gated island beside Miami. Homes on the island go up to $35M. House is currently owned and owner-occupied. Looking to refinance, perform some upgrades, and sell within 12 months.
$8,300,000 is the current balance of the mortgage
$750,000 is the budget to totally upgrade the house and build a seawall to park a huge boat. (most of the homes owners in the area own larger boats)
Value, as-is land only, is $14.7M. Projected appraised value once renovated $17-20M.
She will fully renovate the property and then sell it for around 18-20,000,000 within a 12 month period
$8.3M pay off the existing mortgage plus prepaid interest and the property tax for 1 year, fees lender and broker, renovation budget comes to $10.5M.
I am a broker representing my client. (RESUBMITTED with corrected numbers)
$8,300,000 is the current balance of the mortgage
$750,000 is the budget to totally upgrade the house and build a seawall to park a huge boat. (most of the homes owners in the area own larger boats)
Value, as-is land only, is $14.7M. Projected appraised value once renovated $17-20M.
She will fully renovate the property and then sell it for around 18-20,000,000 within a 12 month period
$8.3M pay off the existing mortgage plus prepaid interest and the property tax for 1 year, fees lender and broker, renovation budget comes to $10.5M.
I am a broker representing my client. (RESUBMITTED with corrected numbers)
Status
Closed
Created
October 31, 2019 - 9:23am
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