Loan amount
$0
Loan type
Purchase
{Construction}
After Repair Value
$1
{PP:$0}
ARV
0%
{ARV}
Property type
Single Family
Borrower Details
Credit score
700
Deal experience
6 deals
This loan scenario was submitted by a Broker
No
Property Details
State
Pennsylvania
Loan Details
Down payment
$0
Additional Loan Information
The project is a new construction build of a 2,120 SF home by Fine Line Homes, a regional builder
in central Pennsylvania. The land is already owned with a mortgage balance of $36K with an appraised value of $65K. A
deposit of $5K to the builder has been paid along with around $4K paid to the township for a sewer tap fee. The total cost
of the project is $372K, and around $176 per SF.
The plan is to build and immediately flip the home, selling it around $200 per SF, the going price per SF for new
construction in the area. Homes in State College are on the market for an average of 17 days and inventory remains low.
A contract with Fine Line Homes was executed; the list price is currently set for $428K and is already on the market.
in central Pennsylvania. The land is already owned with a mortgage balance of $36K with an appraised value of $65K. A
deposit of $5K to the builder has been paid along with around $4K paid to the township for a sewer tap fee. The total cost
of the project is $372K, and around $176 per SF.
The plan is to build and immediately flip the home, selling it around $200 per SF, the going price per SF for new
construction in the area. Homes in State College are on the market for an average of 17 days and inventory remains low.
A contract with Fine Line Homes was executed; the list price is currently set for $428K and is already on the market.
Status
Closed
Created
November 30, 2020 - 4:01pm
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