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 |