PROPERTY: 

Jackson St, NE  Washington, DC  20017

DESCRIPTION:

  • Purchase price is $750,000 plus $35,000 in TOPA fees.
  • This is a 6 unit apartment building that is being converted into 6 condos.  Borrower has prior experience with condo conversions
  • Cash to close is $255,000.
  • We are funding acquisition money only and Borrower is using his bank to refinance to pay us off and get construction funds.  His bank needs a few months to fund and needs to close asap

PROPOSED TERMS:

Loan Type: Purchase
Loan Amount: $600,000 1st Mortgage
Value of Subject Property:  2,700,000 (ARV after condo conversion
Loan to Value: 80% As Is/Purchase… 23% based on ARV
Term requested: 12 Month Balloon
Exit Strategy: Bank refinance
Credit Score  745 / 589