Loan amount
$220,000
Loan type
Refinance {No Cash-Out}
As-Is Property Value
$300,000
LTV
73% {LTV}
Property type
Other Commercial
Borrower Details
Credit score
755
Deal experience
1 deal
This loan scenario was submitted by a Broker
Yes
Property Details
City
Norfolk
State
Virginia
Loan Details
Current mortgage balance
$220,000
Additional Loan Information
I have a client who Purchased an Auto shop 1.5 years ago. The loan is a hard money loan that is structured as interest Only payments for 2 years with a 3rd year option, the rate is 15%. The purchase price was $250,000.00 and they put $30,000 down and paid $20,000.00 in closing costs. The most recent appraisal was showing a value of $250,000, however since then there have been some improvements and updates done to the property which would increase the value of the property. I estimate the value to be in the $300,000.00 range.


The client has a great payment history. The client has 750 Fico scores . Client is looking for a 30 year loan with a decent rate and terms. The property is located in Norfolk, Virginia. Please advise if you can assist with this loan request for my client. Thank you as I standby for your advice. Respectfully Mr. Bert

-Current payments @$3,200 per month
-The clients have put $50,000.00 of their own money into the recent rehab.
- Norfolk Va.
Status
Created
February 6, 2024 - 11:37am

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