Loan amount
$400,000
Loan type
As-Is Property Value
$1,700,000
LTV
24%
{LTV}
Property type
Single family home
Borrower Details
Credit score
660
Deal experience
3 deals
This loan scenario was submitted by a Broker
Property Details
State
Florida
Loan Details
Additional Loan Information
We purchased this home in 2015 for $775K and did a complete gut renovation of all exterior and interior minus the master bedroom and bathroom. We have been renting it for the past 5 years about 6-7 months out of the year. We purchased the home with $200k down and owner financing of $575K with a balloon at year 5. Because we did all renovations out of our own pocket, we had to slow down a bit on the master and are now finishing it up but the balloon is due. The balloon is about $500K so we are looking for a bridge to get the master finished and then refinance. Worried the refinance will not go through with the current construction. Property located in Vero Beach, FL 32963. Plan to keep it as a rental. 6-9 month loan duration. Longer term rentals (30 days or more) $40-45K per month. Short term rentals (7 to 30 days) $20-30K *$400 per night or $2800 weekly with slight discounts for 14 days or longer.
Status
Closed
Created
September 3, 2020 - 9:34am
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