Loan amount
$12,005,000
Loan type
Purchase {Fix&Rent}
Property value
$16,500,000 {PP:$12,000,000}
ARV
73% {ARV}
Property type
Single Family
Credit score
560
Deal experience
None
This loan scenario was submitted by a Broker
No
City
Akron
State
Ohio
Purchase price
$12,000,000
Down payment
$0
Cost of improvements
$5,000
Estimated property value after repairs
$16,500,000
Additional Loan Information
After putting my newly formed LLC on hold for 8 months to care for my dying grandmother her property will have to be sold to cover bills . I have lived at the property for almost a year and with the almost 3 acres, a house and barn I see the incredible potential to let it help me to get my LLC up and running. Since I do construction time and alot of materials I have in storage will be minimal so as to get it rented ( I have renters waiting) I plan to divide off between house and barn with separate entrances so there's a definite line and keep barn for trucks tools and trailers for my LLC. I am currently waiting on approval from the government as I am a disabled female contractor and 5-10% of all contracts are set aside for WOSB/MOSB that's where I come in. The property has been in the family for 80 years and sits outside city limits but a quick drive to downtown Akron. Since I'm considered a start up I don't have bank statements, since I'm on SSI my credit score is crap because I'm not allowed to have anything valued at over $2000 or any savings or I lose my benefits. About my LLC: we're a 2 man team who have worked together in the skilled trades for 20+ years for stores like Home Depot, Lowe's, Sears doing residential remodeling and renovations as well as industrial projects like nursing homes, condos. We're dedicated to keeping all projects personalized, communication lines open , on budget, on time and on point. As part of giving back to the community and the earth we recycle usable household goods like dressers, kitchen tables etc to repair, repaint and donate to local churches and charities. Keeps the landfills less full and helps give back . There is so much that could be given to let the next person get ahead maybe first apartment after jail, dresser for a child and mom leaving a domestic situation , those little things make a big difference. Hence the idea of keeping the barn to fix furniture and store until given away. Please if there are any questions let me know, unfortunately this is time sensitive as the property hits the open market today and I am getting it below market value. Again thank you I look forward to hearing from you soon!
Status
Created
April 23, 2025 - 2:17pm

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