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 |