Loan amount
$1,377,000
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$1,900,000
LTV
72%
{LTV}
Property type
Single Family
Borrower Details
Credit score
640
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Scottsdale
State
Arizona
Loan Details
Current mortgage balance
$927,000
How much cash-out are you looking for?
$450,000
Additional Loan Information
Property is in Central Scottsdale (85254) and is a beautiful SFR w/ ADU, pool, and top notch horse facilities, all on .98 acres. Airbnb income will be $171.4k according to AirDNA (has not been rented yet). I have an appraisal (coming in today but all signs point to it in accordance with other estimates), two BPO's, and AVM to back up the valuation of $1.9 million. Public records, and therefore real estate website valuations, are missing key information - for example, it says it has no bedrooms, when there are three in the main house, plus the casita. The house behind them just sold for $2.925 million on 8/30.
$927k is owed between the first and their HELOC and they want max cash out. They don't mind if they need to have you take over their first, and expect that, although second would be great (of course I know that is a very unlikely possibility). All docs available at a moment's notice. I know that it is difficult to find high LTV lenders at the moment for a cash out, but it does not need to be longer than 6-12 months (can be longer or shorter). Hard money is fine because the LTV is more important than interest. Their exit strategy is to refi or sell after prime season depending on how much they like Airbnb'ing it.
As a side note, my mom has another property free and clear in Albuquerque, New Mexico, and that is their new primary, but that can't be used as collateral since she co-owns it with her brother 50/50 and he does not want a lien put on it. They make $22k per month in pension and SS. Thank you in advance!
$927k is owed between the first and their HELOC and they want max cash out. They don't mind if they need to have you take over their first, and expect that, although second would be great (of course I know that is a very unlikely possibility). All docs available at a moment's notice. I know that it is difficult to find high LTV lenders at the moment for a cash out, but it does not need to be longer than 6-12 months (can be longer or shorter). Hard money is fine because the LTV is more important than interest. Their exit strategy is to refi or sell after prime season depending on how much they like Airbnb'ing it.
As a side note, my mom has another property free and clear in Albuquerque, New Mexico, and that is their new primary, but that can't be used as collateral since she co-owns it with her brother 50/50 and he does not want a lien put on it. They make $22k per month in pension and SS. Thank you in advance!
Status
Open
Created
September 20, 2022 - 4:20pm
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