Loan amount
$4,100,000
Loan type
Refinance
{Construction}
After Repair Value
$6,000,000
ARV
68%
{ARV}
Property type
Single Family
Borrower Details
Credit score
700
Deal experience
6 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Victorville
State
California
Loan Details
Current mortgage balance
$1,100,000
Cost of improvements
$3,000,000
Estimated property value after repairs
$6,000,000
Additional Loan Information
17.645 acres
Purchased 01/2022
was Nod 12/2022 into foreclosure ,but already current now.
Existing 1st td to payoff $1,100,000
In 2016 estimated Value was $4 m from zillow
After improvements made ( electric, sewage etc) ,currently estimated min value $6m
Residential zoning
seeking max cash out refinance , paying off existing 1st
Needs the cash out to finalize the drawing,permits, final stage cpu ,and to start ground up construction.
Purchased 01/2022
was Nod 12/2022 into foreclosure ,but already current now.
Existing 1st td to payoff $1,100,000
In 2016 estimated Value was $4 m from zillow
After improvements made ( electric, sewage etc) ,currently estimated min value $6m
Residential zoning
seeking max cash out refinance , paying off existing 1st
Needs the cash out to finalize the drawing,permits, final stage cpu ,and to start ground up construction.
Status
Open
Created
August 29, 2023 - 10:56am
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