Commercial duplex loan in Columbus

Property & underwriting

Occupancy

Vacant

Units

12

Lien position

First lien

As-is value

$552,000

LTV (as-is)

67.9%

Purchase price

$475,000

After-repair value

$717,000

Loan-to-ARV

52.3%

Rehab budget

$98,000

Exit strategy

Sell after renovation

Borrower experience

6-15 deals completed

Credit score range

650-699

Borrowing entity

S-Corp

Funding timeline

ASAP (7-10 days)

Additional collateral

Duplex at Columbus, OH

Use of funds

Construction draw facility

Deal summary

Cash-out for next acquisition on a duplex in Columbus, OH. Borrower is seeking $375,000 at up to 10.54% for 12 months. Refinance with bank takeout.