Loan amount
$0
Loan type
As-Is Property Value
$650,000
LTV
0%
{LTV}
Property type
Single to multi-family (property zoned for multi-family).
Borrower Details
Credit score
700
Deal experience
2 deals
This loan scenario was submitted by a Broker
Property Details
State
Pennsylvania
Loan Details
Additional Loan Information
Extend property 45' and build up to max 38'. Convert existing structure to 3- 3/2 units. Property has been renovated as a 5/3 house with all new electric, mostly new plumbing and permitted work. Work will qualify for 10 year tax abatement. Low end rent for 2br's is $2000.00. the addition will consist of 3 trinity style 3/2 units. Shared roof deck for all 6 units. Airbnb extremely conservative at 50% would net $20k monthly OR $8k monthly as a market rental. The property is in PHA's Tier 4 level for housing vouchers paying the max amount for a 3br if the PHA strategy becomes a future goal- corporate housing would be the target as the area attracts a great mix of locals and tourists. The project will be completed by right. The property has a 3 car garage and each bay could rent for $200 in a very dense area that has next to no parking. AirDNA has the property comping around $200 night during COVID.
Status
Closed
Created
October 24, 2020 - 5:26pm
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