Loan amount
$549,000
Loan type
Purchase {Rent&Hold}
Property value
$1,700,000 {PP:$559,000}
LTV
32% {LTV}
Property type
Multi-Family 5+ Units
Credit score
825
Deal experience
7 deals
This loan scenario was submitted by a Broker
No
City
Canton
State
Ohio
Purchase price
$559,000
Down payment
$10,000
Additional Loan Information
DSCR Loan

Borrower Name: Andrea and Mark Bain

Entity Name: to be created: Canton 50 LLC

Email Address: andrea.coasttocoastsolutions@yahoo.com

Phone Number:248-854-4463

Credit Score: 825

Address of Subject Property: 707 5th Northeast, Canton, OH, Working class, C area

Occupancy: Investment

Property Type: 50 unit rooming house with 3 stories, 3 shared bathrooms on each floor, 88% occupied, property manager and cleaner living on site

Loan Purpose: Purchase and rent

Purchase Price OR Value (If Refi): Purchase price $559K Current Value at a 7 CAP is $1.7M

Loan Amount: 700K

Any Credit Issues in The Past 36 Months: None

Current Liquid Assets Available for Closing and Reserves: 30K

Additional Information:
Current gross monthly income $16,050
Proforma gross monthly income $31,000 using rentometer's lowest rent scale values
Status
Created
December 28, 2023 - 4:47pm

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