Loan amount
$395,500
Loan type
Refinance
{Fix&Flip}
After Repair Value
$700,000
ARV
56%
{ARV}
Property type
Multi-Family 1-4 Units
Borrower Details
Credit score
570
Deal experience
7 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Chicago
State
Illinois
Loan Details
Current mortgage balance
$395,000
Estimated property value after repairs
$700,000
Additional Loan Information
Here's the problem. I have a fix and flip home on the market now. My partner and I paid for materials with our credit cards. Would not have been a problem but market turned, due to measures taken by fed to quell the inflation. We have about $110,000 in credit card debt. We are paying minimums not late just 86% of credit used. This has lowered my 800 credit down to 570 and his is 620. Again no late payments. We own a total 7 properties worth conservatively $3 million. with $1,251,000 in equity.
we collect $14,000 monthly and my partner brings in another $50,000 I bring in an extra 60,000. Some of the tenants are slow payers and it has put us in a bind. We presently owe $285,000 on property . Would like to refi and pay off credit cards property is on MLS FOR
$699, 900. do you have any loan products for us ?
we collect $14,000 monthly and my partner brings in another $50,000 I bring in an extra 60,000. Some of the tenants are slow payers and it has put us in a bind. We presently owe $285,000 on property . Would like to refi and pay off credit cards property is on MLS FOR
$699, 900. do you have any loan products for us ?
Status
Open
Created
January 21, 2024 - 8:28pm
Hard Money Lenders Now Offering Real Estate Investor Loans in Illinois Chicago | Aurora | Naperville | Joliet | Rockford | Springfield Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans