Loan amount
$360,000
Loan type
As-Is Property Value
$525,000
LTV
69%
{LTV}
Property type
Quadplexes (3)
Borrower Details
Credit score
630
Deal experience
5 deals
This loan scenario was submitted by a Broker
Property Details
State
Alabama
Loan Details
Additional Loan Information
I am getting ready to submit an offer on 3 cash flowing quadplexes with below market rent rates with room to increase by $25-50 per unit. The property is located near a military installation and just minutes from down town Enterprise, AL. The units are currently listed at $140K for a total of $420K. I plan to submit an offer of $390K. Based off comparables, these units usually sell for $130K. Can put down 25-30%, if needed. Renovation budget $60K. I estimate that once the repairs are done and the rents are raised, the value of all 3 together will be $525K. Will rent all units out. Current rental income estimated at $5,400; can go up to $6,300 with improvements and rent increases. I am looking for a loan for 2-3 years to allow me to stabilize the rents and refinance at the 2-3 year mark.
Status
Closed
Created
March 31, 2020 - 8:51am
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