Michigan Hard Money Deal - Active

582

21 deals

No

Detroit

Michigan

$150,000

The loan proposal includes a cash-out/refi requested for a single-family style brick home (non-ownener occupied) measured at approximately 1,651 sq. ft., featuring 3 Bdrms/1 Bth, on a basement (partially finished) foundation situated on a 60.00 x 161.89 (9,583 sq. ft.) homesite. The subject property is located in a stable working-class urban neighborhood with exceptional curb appeal. The home is currently in excellent structual and mechanical condition and the plan is to retire the current (private) mortage, and complete mostly cosmetic-type updates i.e, paint, tile, carpet, landscape, lightling, etc.

The Property Valuation of $225,000 ($226,541) is the median value calculated after a review of the valuation estimates published October 2022 by the national property analytics and valuation firms aka Collateral Analytics ($243,861), Quantarium ($253,474) and Core Logic ($182, 289). When considering the median valuation of $225,000 and the current loan balance to be retired of approximately $150,000 the request for approval is calculated at... less than a 70% LTV of the esitmated published current fair market value.