Month: June 2016

1,277 SQ FT SFR Cash-Out Refinance

Property Location: St. John, Virgin Islands Property Value (As-is): $475,000 Loan Amount: $65,000 Loan Term: 24 Months Interest Rate: 12% Broker Commission: 5 Points Closed In: 2 Weeks Borrower pledged his free and clear property to obtain funds to do some minor renovations, after the renovations the property is estimated to be worth $525,000.

2 SFR’s – 2,642 SQ FT Combined – Cash-Out Refinance

Property Location: Rocky Mount, NC Properties Combined Value: $77,000 Loan Amount: $38,000 Loan Term: 24 Months Interest Rate: 12% Broker Commission: 5 Points This borrower pledged two free and clear properties to obtain the funds necessary to do minor rehab, he plans to put both properties on the market for sale.

1,456 SQ FT Single-Family-Residence – Purchase

Property Location: Milton, DE Property Value: $215,000 Loan Amount: $175,000 Loan Term: 24 Months Interest Rate: 12% Closed In: 3 Weeks Repeat borrower needed funds to complete the purchase of this property they plan to fix-n-flip. The property needs very minor renovations, borrower brought cash to closing as part of their “skin in the deal“

2 SFR’s – 1,327 SQ FT – Purchase Loan

Property Location: Plainsfield, CT Property Combined Value: $160,000 Loan Amount: $100,000 Loan Term: 24 Months Interest Rate: 12% Closed In: 3 Weeks Repeat borrower needed funds to complete the purchase of these two buildings, which he plans to fix and flip. Borrower brought cash to closing as part of his “skin-in-the-deal”.