Loan amount
$1,500,000
Loan type
Refinance
{Construction}
After Repair Value
$2,700,000
ARV
56%
{ARV}
Property type
Other Commercial
Borrower Details
Credit score
750
Deal experience
8 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Corolla
State
North Carolina
Loan Details
Current mortgage balance
$450,000
Cost of improvements
$1,050,000
Estimated property value after repairs
$2,700,000
Additional Loan Information
Mixed- use property that can use your assistance.
Current building
1st floor renovated for restaurant
new build of 2 floors for 2 condos, 864 sq ft per floor.
2 new buildings right next to the current one.
3 floors, with 1 condo per floor, 864 sq ft per floor. x3 (9 units total)
My client’s FICO score is 750.
ARV $3 MM
Currently owe $450k.
Looking for a loan of $1.5 MM
Net worth 7.5 MM
Is this something you can do.
Current building
1st floor renovated for restaurant
new build of 2 floors for 2 condos, 864 sq ft per floor.
2 new buildings right next to the current one.
3 floors, with 1 condo per floor, 864 sq ft per floor. x3 (9 units total)
My client’s FICO score is 750.
ARV $3 MM
Currently owe $450k.
Looking for a loan of $1.5 MM
Net worth 7.5 MM
Is this something you can do.
Status
Open
Created
April 4, 2023 - 8:34am
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