Loan amount
$420,000
Loan type
As-Is Property Value
$649,000
LTV
65% {LTV}
Property type
Multi-family and Small Horse Farm
Borrower Details
Credit score
650
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
State
Ohio
Loan Details
Additional Loan Information
We are looking to purchase the property for $649K. We are taking care of the remaining $229K. The property is in Navarre Ohio. The property has opportunities galore. It has a big 4 bedroom house we plan to use for bed and breakfast, projected $90 a night per room. It has an additional 2 bedroom house with a long term tenant paying $700/month. It also has another bunk house on the property that we will live in. It has a 20+ stall horse barn on the property that is bringing in $30K+ a year from tenants that board their horses there. This is from only 12 horses. After we get it we will be adding at least 6 more horses which will bring in $45K yearly in just the horse boarding itself. There is demand for more horses. We prefer a 20-25 year loan but if that isn't available we would work with whatever is available and than refinance in 2 to 3 years.
Status
Created
September 18, 2019 - 2:12pm

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