Loan amount
$250,000
Loan type
As-Is Property Value
$385,000
LTV
65%
{LTV}
Property type
Barn
Borrower Details
Credit score
580
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
State
Nevada
Loan Details
Additional Loan Information
The property is 5 acres, with a 60x80 barn built. It has plumbing and electricity, insulation and concrete foundation. Located in a gated community in Burnet, TX. Looking to make an offer on this project and finish it to live in while we put our house on the market. Listed price $249K. Renovations will be self-funded and take 6 months. ARV $385K based on comps. This loan is only necessary for the time it will take to put our house up for sale and get moved. In the meantime we will be building for residential, so our target is 6 months. Current home located in Spanish Springs, NV. Worth $560K with $425K owed. Can put $5K down.
Status
Closed
Created
April 4, 2020 - 9:30am
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