Loan amount
$50,000
Loan type
As-Is Property Value
$100,000
LTV
50% {LTV}
Property type
Single family home
Borrower Details
Credit score
680
Deal experience
4 deals
This loan scenario was submitted by a Broker
Property Details
State
Illinois
Loan Details
Additional Loan Information
The property is offered at $85k. I believe it can be purchased for around $65-70k. It’s a three unit building on approx. 1/4 acre of property. No garage or accessory buildings. It's an older building with definite repairs and upgrades. How extensive, I don’t know yet. But it's fully occupied and brings approx 1200/month in rent. The repairs/upgrades to the exterior of the building can be completed on an as needed basis or in phases. I am not currently in contract. The property is located in Tiskilwa, IL. It would be purchased as an income producing property with the intention of making significant improvements/upgrades interior & exterior to increase its value and income/cash flow. I would need a loan that would allow me to acquire the property without significant cash outlay and manageable payments so that I can properly establish my cash flow in the first couple of years or seasoning period.
Status
Created
November 22, 2019 - 11:21am

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