Loan amount
$140,000
Loan type
Purchase {Rent&Hold}
As-Is Property Value
$160,000 {PP:$140,000}
LTV
88% {LTV}
Property type
Multi-Family 1-4 Units
Borrower Details
Credit score
690
Deal experience
8 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Sault Ste Marie
State
Michigan
Loan Details
Purchase price
$140,000
Down payment
$0
Additional Loan Information
This is a 3-unit, single building. There is a 1 bedroom, 2 bedroom, and a 3 bedroom. Each unit has 1 bath. The 2 and 3 bedroom are currently leased out with rents of $890 and $950 respectively. The 1 bedroom market rent is $850 based on a 4-unit I already own and manage.

I have the property under contract for 140,000. There are not good, current comps for recent sales, but realtor said she would have listed it for 160,000-170,000.

I am looking for a loan to cover the down payment and closing costs, 35,000.
Status
Created
September 25, 2023 - 9:14am

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