Loan amount
$75,000
Loan type
Refinance
{Construction}
After Repair Value
$315,000
ARV
24%
{ARV}
Property type
Single Family
Borrower Details
Credit score
720
Deal experience
4 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Millsboro
State
Delaware
Loan Details
Current mortgage balance
$0
Cost of improvements
$75,000
Estimated property value after repairs
$315,000
Additional Loan Information
Hello!
I own a property in the Long Neck area of Millsboro DE. We recently added an addition and all framing, roofing and house wrap is now done. Still waiting for electrical and plumbing to be finished before we call in our framing inspection. There was originally a 720 sqft single wide trailer on the lot but we have since laid a foundation and using the bones of the trailer have added a 658 sqft addition onto. We have basically built a new 1400 sqft house from ground up. Construction began early September.
Up until this point, I have been paying everything out of pocket, but in order to finish up quickly, I'd like a loan or some sort of cash-out refi to cover the rest. There is no mortgage or liens against the property. ARV is expected to be between 315-325k. There are great comps in the neighborhood all within .25 miles.
I own the Millsboro house with my mom and my uncle who both have great credit. Unfortunately, my credit isn't fantastic, but I do have good income.
We need 75k to finish completely. Please let me know if this is something you can help with or if there is anything else you will need from me. I am more than happy to hop on a call to discuss further.
Thank you!
I own a property in the Long Neck area of Millsboro DE. We recently added an addition and all framing, roofing and house wrap is now done. Still waiting for electrical and plumbing to be finished before we call in our framing inspection. There was originally a 720 sqft single wide trailer on the lot but we have since laid a foundation and using the bones of the trailer have added a 658 sqft addition onto. We have basically built a new 1400 sqft house from ground up. Construction began early September.
Up until this point, I have been paying everything out of pocket, but in order to finish up quickly, I'd like a loan or some sort of cash-out refi to cover the rest. There is no mortgage or liens against the property. ARV is expected to be between 315-325k. There are great comps in the neighborhood all within .25 miles.
I own the Millsboro house with my mom and my uncle who both have great credit. Unfortunately, my credit isn't fantastic, but I do have good income.
We need 75k to finish completely. Please let me know if this is something you can help with or if there is anything else you will need from me. I am more than happy to hop on a call to discuss further.
Thank you!
Status
Open
Created
February 2, 2024 - 2:52pm
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