Month: March 2016

2,880 SQ FT – Multi-Unit Cash Out Refinance

Property Location: Oxford, ME Property After-Repair Value: $149,000 Loan Amount: $53,000 Term: 12 Months Interest Rate: 12% Closed In: 3 Weeks Borrower needed funds to complete rehab on the property, property was free and clear, she plans to rent it out once completed.

4,083 Combined SQ FT – SFR Purchase

Property Location(s): Charleston, WV Property Combined Value: $239,000 Loan Amount: $48,000 Term: 24 Months Interest Rate: 12% Closed In: 2 Weeks Repeat borrower needed funds to purchase a single family house to fix and flip. Pledged existing property as collateral.

3,492 SQ FT – SFR Purchase

Property Location: Jackson, MI Property Value: $195,000 Loan Amount: $110,000 Interest Rate: 12% Term: 12 Months Closed In: 3 Weeks Repeat borrower brought cash to settle the HUD on this deal, plans to fix and flip the property and get it on the market this summer.

800 SQ FT – 2 Single Family Residences

Location: Shelby, MI Property’s Combined Value: $590,000 Loan Amount: $195,000 Interest Rate: 12% Term: 18 Months Closed In: 3 Weeks Repeat borrower needed funds for debt consolidation, pledged 2 free and clear rental properties as collateral.