Loan amount
$4,350,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$7,200,000
{PP:$5,950,000}
LTV
60%
{LTV}
Property type
Single Family
Borrower Details
Credit score
736
Deal experience
1 deal
This loan scenario was submitted by a Broker
Yes
Property Details
City
Houston
State
Texas
Loan Details
Purchase price
$5,950,000
Down payment
$1,600,000
Additional Loan Information
-- LOAN SUMMARY --
*Type of Loan Program:
Purchase - Bridge Loan - Quick Close - No Rehab
*Purchase Contract Amount:
$5,950,000.
*AMC Appraised Value (09/20/2024):
$7,200,000.
*Loan Request Amount:
$4,550,000.
*Closing Date
12/20/2024 (ASAP)
*Funds At Title Company Ready to Close:
$2,200,000.
*Clients' Estimated Credit:
736
*Property Back-Story:
The Client /Borrower, bought the property in 2005 and paid cash for it, $3,450,000. Every once in a while Client /Borrower will use the Property as a Piggy-Bank. He will borrow against the property and then pay off the lender after a couple of years. Then he will do it again, borrow, pay-off the lender, rinse and repeat!!! Lol...
During the Pandemic Client /Borrower Sold the property to clear up some personal debt and business debt. He Sold the Property with the Option to Buy the Property back after 18 Months. This is the Reason for the lower than Market Value Purchase Price. The Group who Client /Borrower sold the Property too is ready to get the property off their books and have issued a Demand for Client /Borrower to close on the property ASAP. So a Bail-Out, quick close, reduced doc loan, with a short loan term of 12-18 months, would be ideal for this situation.
I hope this little back-story makes it a bit easier to understand this deal. If you need anything else just let us know. Thanks a bunch and make it your best day yet!!!!
-Available Upon Request:
*Insurance Agent Contact Info
*Title Company Contact Info
*Appraisal Report AMC
*Property Survey
*Updated - Experience History
*Passport - Drivers License Renewal
*Title Commitment Draft
*FICO Credit - 736
*Purchase Contract and Extension
*(3) Pages - PFS - 10/2024
*Lender Application
*Complete List of Renovations, Repairs, Budget, & Completed Work
*Proof of Payments - 18 Months - Rental Schedule
*Verified Funds - Funds in Escrow
*Type of Loan Program:
Purchase - Bridge Loan - Quick Close - No Rehab
*Purchase Contract Amount:
$5,950,000.
*AMC Appraised Value (09/20/2024):
$7,200,000.
*Loan Request Amount:
$4,550,000.
*Closing Date
12/20/2024 (ASAP)
*Funds At Title Company Ready to Close:
$2,200,000.
*Clients' Estimated Credit:
736
*Property Back-Story:
The Client /Borrower, bought the property in 2005 and paid cash for it, $3,450,000. Every once in a while Client /Borrower will use the Property as a Piggy-Bank. He will borrow against the property and then pay off the lender after a couple of years. Then he will do it again, borrow, pay-off the lender, rinse and repeat!!! Lol...
During the Pandemic Client /Borrower Sold the property to clear up some personal debt and business debt. He Sold the Property with the Option to Buy the Property back after 18 Months. This is the Reason for the lower than Market Value Purchase Price. The Group who Client /Borrower sold the Property too is ready to get the property off their books and have issued a Demand for Client /Borrower to close on the property ASAP. So a Bail-Out, quick close, reduced doc loan, with a short loan term of 12-18 months, would be ideal for this situation.
I hope this little back-story makes it a bit easier to understand this deal. If you need anything else just let us know. Thanks a bunch and make it your best day yet!!!!
-Available Upon Request:
*Insurance Agent Contact Info
*Title Company Contact Info
*Appraisal Report AMC
*Property Survey
*Updated - Experience History
*Passport - Drivers License Renewal
*Title Commitment Draft
*FICO Credit - 736
*Purchase Contract and Extension
*(3) Pages - PFS - 10/2024
*Lender Application
*Complete List of Renovations, Repairs, Budget, & Completed Work
*Proof of Payments - 18 Months - Rental Schedule
*Verified Funds - Funds in Escrow
Status
Closed
Created
December 15, 2024 - 6:32pm
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