Loan amount
$270,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$500,000
{PP:$300,000}
LTV
54%
{LTV}
Property type
Other Commercial
Borrower Details
Credit score
645
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Foley
State
Minnesota
Loan Details
Purchase price
$300,000
Down payment
$30,000
Additional Loan Information
Property currently has cash flow. Plan on adding a second billboard, building an additional building to store boats/rvs/cars for increased income of 30,000.00 per year in phase I. After it is full, will build a second storage building. House is rented at this time, billboard income 400.00 per month.
Total income on property with all phases $78,000.00. Total amount in property after improvements and added building - $450,000.00 Value after both storage buildings built, $600,000.00 Also will have reserve cash for buffer of improvements - $50,000.00
Total income on property with all phases $78,000.00. Total amount in property after improvements and added building - $450,000.00 Value after both storage buildings built, $600,000.00 Also will have reserve cash for buffer of improvements - $50,000.00
Status
Open
Created
June 14, 2021 - 10:47am
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