Loan amount
$1,200,000
Loan type
Purchase {Fix&Rent}
After Repair Value
$2,100,000 {PP:$1,400,000}
ARV
57% {ARV}
Property type
Multi-Family 5+ Units
Borrower Details
Credit score
780
Deal experience
8 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Dayton
State
Ohio
Loan Details
Purchase price
$1,400,000
Down payment
$450,000
Cost of improvements
$250,000
Estimated property value after repairs
$2,100,000
Additional Loan Information
Property is a 30 unit apartment building. 8 units are currently vacant. We will renovate each unit with new flooring, paint, cabinets, countertops, appliances, light fixtures and vanities. We need a loan to purchase the property with cash plus $100,000 to start on renovations. We will turn around and immediately put long term debt on the property with a lender who we are prepapproved with to do so. We have been investing in real estate for the last 8 years and we own a Brokerage/Property Management Company with dedicated contactors to complete the work and our management company will oversee the asset. We have an entire business plan we can provide to the lender which shows 3 years budget projections. Property has to be closed by May 13th, 2021.
Status
Created
April 28, 2021 - 4:56pm

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