Loan amount
$600,000
Loan type
Purchase {Fix&Rent}
After Repair Value
$870,000 {PP:$425,000}
ARV
69% {ARV}
Property type
Multi-Family 5+ Units
Borrower Details
Credit score
810
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Springfield
State
Massachusetts
Loan Details
Purchase price
$425,000
Down payment
$0
Cost of improvements
$175,000
Estimated property value after repairs
$870,000
Additional Loan Information
I am looking to purchase two multifamily properties one four family in Pittsfield, MA which is selling for 165,000 - 175,000 and needs about 85,000 in repairs to bring its value after renovation to about 360,000. And the other property in Springfield, MA (7 unit multifamily) is listed at 250,000 and needs about 120,000 in renovations to bring its ARV to 510,000.
I am seeking a lender that is capable of closing on the loan quickly and is will to remove the fees and whatnot from the actual funded part of the loan. I am hoping that a lender would be capable of doing this as I was just robbed for 20,000 and no longer have any money that I can spend on closing costs or the downpayment. I am also hoping that the loans could be funded as a lump sum as that would be easier for me as I have several friends that are contractors and can offer me discounts.
Status
Created
January 13, 2021 - 7:26pm

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