Mid-West Family homes has the following lending opportunity:
Subject Property: SFR 3/2
As-is Value (rehab already underway): $125,000
Purchased Price: $70,000
This is a property is owned by Mid-West Family Homes Inc. Rehab has already been started and is scheduled to be completed on January, 17 2014. We will refinance the entire project and give first position for $104,250 or we will take a second position loan for $26,375 (First Position principal plus accrued interest is approx. $77,875). Estimated hold time after completion is 30 days plus 6-8 weeks for appraisals. Either option we will pay a lump sum P&I payment upon sale of subject property. For example: If loan is funded on 1-17-14 and the property is sold on 4-17-14 you will receive one lump sum on 4-17-14 for $110,505. Lender will be listed on insurance policy as mortgagee and mortgage will be recorded with Codington County of South Dakota. For more information please contact Ryan@mwfhomes.com or my Cell (605) 881-3641.