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Permalink Reply by Carole L Singh on March 20, 2017 at 8:54am

Wanted Asset based Portfolio loan....NO Fees will be paid before closing, all appraisals, lawyers fees, insurance, title work surveys, architects fees, town planning and plot plan fees be paid by us and counted as down payment towards "skin in the game".

1) Size of loan? Blanket loan for purchase & rehab $600,000

2) Type of property & Address of property?

4 pieces........

(1) multifamily,

(1) multifamily

(1)single family rehab and

(1) below market land for building

3) Current as-is value of property and how is that value being arrived at?

#1 multifamily 1 $100,000 Comps in area

#2 multifamily 2 $156,000 Tax appraisel

#3 single family $82,600 Tax assessment

#4 2.89 acres with river frontage, $20,000 asking price for building home

4) Detailed Breakdown of the Uses of the proceeds? All will have ARV done by pre-appraisal per my renovation specifications and comps in area.

#1 Acquisition $100,000 $50,000 rehab ARV $225+/-

#2 Acquisition $95,000 $50,000 rehab ARV $225

#3 Acquisition $54,900 $75,000 rehab total gut ARV $199,000+/-

#4 Acquisition $20,000 $150,000 to build log cabin or custom home ARV $250,000+/-

Balance for misc costs, permits appraisals etc.

5) Length of loan?

1 year renewable, option to convert to conventional rental loan for each

6) Exit strategy?

#1 hold as rentalRental

#2 Sale or hold as rental

#3 Sale or hold as rental

#4 Hold as rental

7) Borrower’s Pricing Expectations (rate & point wise)

8%, 1-2 points

8) Are you the Borrower or a Broker?

Borrower

9) If this is a purchase, how much down payment is the Borrower bringing to the closing table as a down payment towards funding?

We will have $30,000 cash towards the full portfolio expenses if the loan is approved and can move ahead promptly.