Loan amount
$400,000
Loan type
As-Is Property Value
$600,000
LTV
67%
{LTV}
Property type
Single family home
Borrower Details
Credit score
611
Deal experience
7 deals
This loan scenario was submitted by a Broker
Property Details
State
New York
Loan Details
Additional Loan Information
Rehab building and build 3 additional apartments. Building is 3500sq. Ft. The rest of the land build duplexes. Purchase price $319K. Rehab budget $80K. Already under contract. Located at 4727 Rte 50 Gansevoort NY 12831. Timeline to complete within 30-45 days. Budget covers bigger septic, remodel inside to create living space, electrical throughout were needed, bathrooms, bedrooms, etc. This is a single property. The building use to be a full house. It is now 1 apartment and a business. The building needs to be rehabbed back into living space. I am going to build 3 more apartments in the same building. This property is going to be a rental investment. The duplexes are going to be build ground up after completion of the single building already exists. Loan duration 30 if it's possible, but am open to a short-term loan with the plan to refinance. ARV high $600K or more. The value of the appraisal when there was nothing done was $300K.
Status
Closed
Created
February 7, 2020 - 9:36pm
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