Loan amount
$225,000
Loan type
As-Is Property Value
$330,000
LTV
69%
{LTV}
Property type
Single family home
Borrower Details
Credit score
600
Deal experience
15 deals
This loan scenario was submitted by a Broker
Property Details
State
Alabama
Loan Details
Additional Loan Information
Single family residence purchased in 11/20 for $152K. I completed a $75K renovation and it now appraises for $315K. I would like to do a cash out refinance for a total of $225K. $155K is owed. I want to add a 2 car attached garage and new countertops with the equity I pull out. ARV $330K. Property located in Mount Olive, AL. I am self employed full time as a residential real estate appraiser and make $80K/yr. I have a lease with a tenant for $1800/month that I am negotiating now. With the attached garage, the lease will go up to $2200/month and the tenant has agreed to the increase.
Status
Closed
Created
September 23, 2020 - 12:39pm
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