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08-15-2018, 10:12 AM #1
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- Jan 2017
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Missouri - Hard Money - Emergency Housing
State: Missouri
Loan Type: Straight-Refi / No Cash Out
Loan Amount: 375,000
Property Value: Appraised at 600k when it was a vacant SFR. Now it's being used commercially.
Property Type: 10 Bedroom SFR being used as Emergency Housing contracted with the City
Balance: 354,000
Loan Amount Needed: 375,000
Credit: 680+
LTV: 62%
Will take a 3 year + fixed. Various lenders declined for property type.
It's a SFR converted to commercial use but is also zoned multi-family. <-- this blend has been problematic for appraisers.
Suggestions?
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