Client is seeking a Cash-Out Refinance to pay off existing purchase loans and complete the remainder of the project based on the appraised at completion ARV of 4,370,000 with a stabilization ARV is $7,000,000.
Amount Requested is $3,100,00 for Refinance.
Itemized Use of Funds/Proceeds:$1,450,000 to pay off the loans(Past due as of June 1st), plus $1,650,000 for the Rehab.
Applicant's Money Invested to date is $500,000+ that has been spent on project, and $40,000 is held in Escrow for payments.
The above are just the basics. I have the Complete Executive Summary with more specifics.
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