Loan amount
$330,000
Loan type
Refinance {Cash-Out}
Property value
$600,000
LTV
55% {LTV}
Property type
Multi-Family 1-4 Units
Credit score
550
Deal experience
5 deals
This loan scenario was submitted by a Broker
Yes
City
Newark
State
New Jersey
Current mortgage balance
$255,000
How much cash-out are you looking for?
$75,000
Additional Loan Information
Triplex was purchased March 2019 all three units are rented, Investor needs to cash-out to complete repairs of another property he’s working on, Credit is low, however, Mortgage is up-to-date and always been paid on time, prefers a long term, however, due to credit a short term 24 month bridge loan will work and the exit strategy is to refinance to a 30 year fixed once his credit has improved or sell the property.

Status
Created
February 12, 2024 - 1:51pm

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