Loan amount
Loan type
As-Is Property Value
20% {LTV}
Property type
Single family home
Borrower Details
Credit score
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
Loan Details
Additional Loan Information
Two story room addition with basement and two car attached garage. 90% of the materials have been paid for. I have been in construction for 15 years have have built dozens of homes. Additionally, I have experience on commercial projects ranging from $10,000,000 to $100,000,000 and was a foreman who oversaw a $10,000,000 carpentry project on a $120,000,000 building.

Purchase price of the home was $176,000. Mortgage balance of $170,000. Not sure if we will sell or keep as an investment property. Estimated after repair value of $400,000. The plans are approved for an addition with 5 bedrooms, an office, 3 full baths, two half baths, partial basement, and two care garage. The kitchen and dining room have also been updated with new cabinets and an added island with hardwood floors. That work is completed. Currently the house is appraised at $230,000 as a two bedroom, one full bathroom home with no garage nor basement. I can provide the approved plans for the addition if requested.

Timeline for completion of 3 - 6 months depending on the loan amount. 6 months at $45,000.00 or 3 months at $75,000. The bigger the loan, the more laborers I can hire to get the work completed sooner.

Located in uptown Westerville, Ohio.
September 25, 2019 - 8:50pm

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