Loan amount
$108,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$165,000
{PP:$123,000}
LTV
65%
{LTV}
Property type
Multi-Family 1-4 Units
Borrower Details
Credit score
730
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Grand Rapids
State
Michigan
Loan Details
Purchase price
$123,000
Down payment
$15,000
Additional Loan Information
The property is being sold under market value because the husband passed away. Listed at $120k but has a market value of $165k based on comps. We're negotiating the purchase price since the seller said they received multiple offers. It's a 2 unit home. One is an efficiency and currently occupied with rental income of $725 while the other is a 3BR1BA available for rent for $1200. This is our first investment property and would like to start forging a great business relationship with the right lender. Thank you!
Status
Open
Created
March 27, 2023 - 11:16pm
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