Loan amount
$3,000,000
Loan type
Purchase
{Fix&Flip}
After Repair Value
$15,000,000
{PP:$7,000,000}
ARV
20%
{ARV}
Property type
Single Family
Borrower Details
Credit score
700
Deal experience
3 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Milpitas
State
California
Loan Details
Purchase price
$7,000,000
Down payment
$5,000,000
Cost of improvements
$1,000,000
Estimated property value after repairs
$15,000,000
Additional Loan Information
Acquire semi finished 10K sq ft home on 65 acres in the Milpitas hills in Santa Clara County, CA. Seller has not completed the project so buyer/borrower is well positioned to acquire with an asset based new 1st loan, no doc, that allows for a seller carried 2nd behind the 1st. Must be able to doc, fund, and close by 4/24/24 to meet seller's timeline. Have recent BPO for the subject at $8-8.5M as is.
Status
Open
Created
April 14, 2024 - 11:17am
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