Cash-Out Refinance
Posted 10d agoCash-out refi on triplex, Reno
$480,000
Location
Reno, NV 89501
Target rate
10.97%
Term
9 mo
Property type
Triplex
Property & underwriting
- Occupancy
- Owner occupied
- Units
- 12
- Lien position
- Second lien
- As-is value
- $762,000
- LTV (as-is)
- 63.0%
- Purchase price
- $752,000
- After-repair value
- $989,000
- Loan-to-ARV
- 48.5%
- Rehab budget
- $63,000
- Existing liens
- $144,000
- Exit strategy
- Refinance with bank takeout
- Borrower experience
- 2-5 deals completed
- Credit score range
- 650-699
- Borrowing entity
- Individual
- Funding timeline
- ASAP (7-10 days)
- Additional collateral
- Triplex at Reno, NV
Use of funds
Bridge to permanent financing
Deal summary
Cash-out for next acquisition on a triplex in Reno, NV. Borrower is seeking $480,000 at up to 10.97% for 9 months. Lease-up then refinance.