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06-20-2018, 07:25 PM #1
- Join Date
- Jan 2017
- Posts
- 116
Missouri / 3 year bridge loan / hard money?
STATE: MISSOURI
LOAN TYPE: REFINANCE
PROPERTY TYPE: Commercial.
(ZONED MULTI-FAM BUT IS NOT MULTI-FAM -- 10 ROOMS / 1 KITCHEN. Zoned Residential but is actually commercial due to use. Borrower has contract with city for emergency housing. Making $600 / per room. 10 rooms, $6000/month.)
CREDIT: 680+
OCCUPANCY: NON-OWNER
INDUSTRY: Emergency Housing
MORTGAGE BALANCE: 354,000
ESTIMATED VALUE: $600,000 (Based on a BPO from last year, except it was dont as residential at that time because it was vacant. Now it's in use)
LOAN AMOUNT: $390,000 (Straight Refi)
LTV: 65%
Current loan is a 1 year IO at 11.5% due in October -- Looking for a take out loan, can be 3 year+
(Already tried going SBA but he doesn't DCR on tax return)
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