Loan amount
$137,000
Loan type
As-Is Property Value
$280,000
LTV
49%
{LTV}
Property type
Single family home
Borrower Details
Credit score
730
Deal experience
3 deals
This loan scenario was submitted by a Broker
Property Details
State
Washington
Loan Details
Additional Loan Information
Building a 3-bedroom, 2-bath house, 2-car garage on city lot in Forks WA. With our own money, bought bare lot that we cleared, added electric, water, got sewer permit, awaiting loan for sewer installation, house plans/permit filed with City; plan to put in sewer this summer, dry in house by October, finish in ~1 year or less; value will be $280,000. Let me say that we are flexible. If we have a better chance of getting a loan by then selling or renting, we can do that. We can also have that as our primary residence if that is better. If we keep it, a 15 year mortgage we would pay off early. If we rent it, we expect to get $2,000 per month.
Status
Closed
Created
July 3, 2020 - 4:31pm
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