Loan amount
$355,000
Loan type
Purchase
{Fix&Rent}
After Repair Value
$1,300,000
{PP:$255,000}
ARV
27%
{ARV}
Property type
Single Family
Borrower Details
Credit score
559
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Dalmatia
State
Pennsylvania
Loan Details
Purchase price
$255,000
Down payment
$100,000
Cost of improvements
$200,000
Estimated property value after repairs
$1,300,000
Additional Loan Information
We won a non-foreclosure property at auction on July 13th 2023 for $255,000. We put $15000 down on the property, have a purchase agreement, and must close by August 14th 2023. The property includes a 7 bedroom, 4700 square feet brick colonial, a four story grist mill, 8.3 acres of land and 800+ feet of riverfront. We want to purchase the property, fully renovate the house and grist mill, and turn either or both buildings into air b and b's. We are looking for rapid funding to achieve these goals. The property's ARV is (low estimate) $1.3 million dollars, based on area comps. There's a much smaller air b and b just down the road which averages $170 per night. The setting is rural, mountainous and perfect for family or destination wedding lodging. The property is close to many area attractions. The property itself has risen 30% in value as it sits since 2021. Thank you.
Status
Open
Created
July 24, 2023 - 1:26pm
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