Loan amount
$250,000
Loan type
As-Is Property Value
$388,000
LTV
65%
{LTV}
Property type
Single family home
Borrower Details
Credit score
559
Deal experience
6 deals
This loan scenario was submitted by a Broker
Property Details
State
Washington
Loan Details
Additional Loan Information
Owner will carry $150K over the top on a 2nd. Total purchase price is $300K. Lot is .49 acres and sub-dividable into 8 zero lot line lots house a block away on zero lot lines are selling for low to mid $600K as fast as they are built. My lots will have lake view and beach rights to private beach park on lake less then a block away. Plan is to flip house and subdivide property. I will list house for $550 and have a lots to sell or build out myself. I have already done the feasibility work and have money for subdividing. I’m looking to be into this project right around $450K and selling for $550K and having 8 lots at $125K each. Property located in Lake Stevens WA. I have purchase sale agreement. I was supposed to close today but the lender stopped funding on all new loans on Monday. I need to move along on this ASAP.
Status
Closed
Created
March 26, 2020 - 11:58am
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