PROPERTY:

Jefferson Davis Hwy, Stafford, VA  22554

DESCRIPTION:

  • Cash out refinance of a rental property owned free and clear
  • Cash out at close is $62,000
  • 3 months interest paid at closing.
  • Borrowers will be using some proceeds to pay off debt and to paint and carpet this property so they can put it on the market eventually.

PROPOSED TERMS:

Loan Type: Cash Out refi
Loan Amount: $75,000 1st Mortgage
Value of Subject Property: $162,000
Loan to Value: 46%
Term requested: 12 Month Balloon
Exit Strategy: Resell
Credit Score 439 / 472