1909 North 67th Drive

Loan Class:
Loan Type:
SFR
Property Type:
Refinance
Structure:
Debt
Location:
Loan to Value:
N/A
Loan Amount:
$85,000

Loan Overview:

The borrower is seeking an interest only, first position loan of $85,000 on a single family residential rental property located at 3559 West Coolidge St, Phoenix AZ 85034. The value of the property as outlined below is approximately $124,000 giving this loan an LTV of 68%. The property was acquired a number of years ago and has been consistently rented ever since. The property is in good condition typical of homes in this area.

Borrower Background: The borrower has been successfully purchasing and rehabbing affordable single and multifamily housing throughout Phoenix, Mesa, Indiana, California and Mexico. At the moment they hold approximately 60 single family properties and have low leverage on the entire portfolio.

Exit Strategy: The borrower has sufficient income and assets to qualify for conventional financing, however, being active in real estate prior to the crash means that Jay’s credit scores have suffered as he is still resolving issues from 2008. When his scores have sufficient time to recover, it is the borrower’s intention to place conventional financing on the subject property.

Conclusion of value: There is ample support for the subject property value of $124,000 based on a cap rate of the net operating income, which is validated against comparable sales in the last twelve months. SFR prices in the subject’s market area have fluctuated between $100,000 to $120,000 and conclude that the property is reasonably valued compared to the other recent sales.

Invest

Get A Better Loan

It takes just minutes to get a quote at no cost

Get A Rate Quickly With

Facebook
Twitter
Linkedin
or
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form