Loan amount
$1,260,000
Loan type
As-Is Property Value
$1,800,000
LTV
70%
{LTV}
Property type
Apartment building
Borrower Details
Credit score
680
Deal experience
8 deals
This loan scenario was submitted by a Broker
Property Details
State
Illinois
Loan Details
Additional Loan Information
8 unit apartment in Hype Park, where the University of Chicago is located. All units has been upgraded. The property is in an LLC, with a mortgage which is coming due. The mortgage amount is $1.05M and is a interest only. The borrower is looking for rate and turn, at lease a five year call. The loan amount they are looking for is 70% to 75% of the appraisal value. I have an appraisal of $1.8M. The appraisal was taken in Feb 2020. Annual rental income including parking $207,300. The expenses for the past years are: 2017-$52,364, 2018- $50,284, 2019-$49,332. I am a broker representing my client.
Status
Closed
Created
August 12, 2020 - 9:12am
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