Loan amount
$144,000
Loan type
As-Is Property Value
$400,000
LTV
36%
{LTV}
Property type
Land
Borrower Details
Credit score
765
Deal experience
3 deals
This loan scenario was submitted by a Broker
Property Details
State
North Carolina
Loan Details
Additional Loan Information
Purchasing land for $159,900 and building a home. Will have a substantial amount of equity at the end. Doing a lot ourselves and can wholesale materials. Estimated cost of construction is $200K. Should take less than a year. After construction value of $450-500K. Located in Banner Elk, NC. Planning on owner-occupied and a rental but not completely sure yet. If just financing the lot then no more than a year term. If financing the whole construction I would want longer term financing. I have another property my ex is in the process of buying me out of. I will have $240K from the buyout. I really just need a bridge to get me through that and a little extra for the build.
Status
Closed
Created
September 30, 2019 - 4:51pm
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