Loan amount
Loan type
As-Is Property Value
15% {LTV}
Property type
Mixed Use Duplex
Borrower Details
Credit score
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
Loan Details
Additional Loan Information
The building is 121 Ruxton Avenue and is already being rented, and the income it is currently producing is $3600/month with one commercial space not being rented out until it is sold. The total income per month on the property is 4760/month. I am an active duty Army Officer who is also a physician assistant who takes home $7500/mo and I have no children or other dependents. I have no doubt I can cover the costs of this mortgage and if I can use these renters In place as additional income I don’t know if that could help. I’m not sure if I can do a hard money type loan for the down payment if needed which would also be easily paid if the amount for for a 20% down payment. I don’t know how creditors feel about it but I am essentially putting my military career and medical career as an ER PA up for collateral. My security clearance would be lost if I defaulted on a loan like this. And it will also affect my ability to apply for and continue to have a state license to practice medicine because it would show bad judgement, etc and my ability to practice medicine will also be affected subsequently. So I feel very strongly I will have no issue paying this loan if approved. I am a 16 year army career soldier who also is a mid level provider and in 4 years will also be receiving a pension that would cover the mortgage of this property as well. If there was some way to get myself approved for this loan I would be very thankful for the opportunity to buy this property. It is a rare historic building and will not come on the market again in my lifetime likely.
August 13, 2019 - 11:31am

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