PROPERTY:

Renovo St, Philadelphia, PA 19138

DESCRIPTION:

  • This is a cash out refinance of a property the borrower owns free and clear.  It was purchased for $1,000 cash in 2012 at a sheriffs sale.
  • Holding $35,000 of the funds which will be reimbursed upon completion of project
  • Cash back at closing is $25,000
  • Funds will be used to complete the renovation of the property.

PROPOSED TERMS:

Loan Type: Refinance construction
Loan Amount: $70,000 1st Mortgage
Value of Subject Property: $130,000
Loan to Value: 54%
Term requested: 9 Month Balloon
Exit Strategy: Resell property
Credit Score  656