Loan amount
$80,000
Loan type
Purchase {Fix&Flip}
After Repair Value
$145,000 {PP:$50,000}
ARV
55% {ARV}
Property type
Single Family
Borrower Details
Credit score
560
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Laurens,
State
South Carolina
Loan Details
Purchase price
$50,000
Down payment
$10,000
Cost of improvements
$39,700
Estimated property value after repairs
$145,000
Additional Loan Information
I have an intent to purchase several properties (at least 4 currently) from another investor looking to divest his rental portfolio. The first one of interest is located SC 29360. [Negotiable] Purchase Price: $50,000. Rehab estimate: $39,700. Anticipated loan amount: $79,700 (80% purchase + 100% rehab). This property and others of interest are in a neighborhood being re-developed. Recent renovations sold between $104,000 - $145,000. Although this is my first documented flip, I have been a part of several as hired help and/or a mentee to a family investor, primarily in the Detroit, MI market, and have been under tutelage of seasoned investors out of the VA/DC market. I am ready to make this journey on my own in SC. Lastly, understanding that my credit is currently poor (I can supply a recent 3-bureau credit report upon request), I have up to $40k of liquid capital available if necessary. Please let me know if you may require additional information or documentation from me.
Status
Created
January 6, 2021 - 9:28pm

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