Loan amount
Loan type
As-Is Property Value
59% {LTV}
Property type
Single family
Borrower Details
Credit score
Deal experience
2 deals
This loan scenario was submitted by a Broker
Property Details
Loan Details
Additional Loan Information
I am the founder of a housing non-profit, A Home For Everyone, that will be buying vacant homes, rehabbing them and selling them on land contract to those in need of housing. I have applied for 501 (c)(3) status with the IRS and will be receiving a determination letter in the next two weeks. This first project is for the purchase, rehab and sale of 2 homes that will be purchased from wholesalers that are buying them from Fannie Mae. The price per home is $5,000. The loan amount covers the purchase and renovation costs for both. I am using my own home as collateral for this loan which is valued at $68K and only has $5,300 left on the mortgage. The homes will be valued at $40-80,000 each once they have been rehabbed. All of our acquisitions will be single family two and three bedroom homes. I am working with real estate agents and contractors to acquire properties and to make the necessary repairs.
July 26, 2019 - 2:27pm

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