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
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
Pending review: Please check your email. We will be sending you follow-up questions, if needed. Be sure to check your spam folder.
Created
December 28, 2023 - 4:47pm
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