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10-03-2023, 08:48 AM #1
DSCR loan approval for 8 units and 12 units...
DSCR - Debt Service Coverage Ratio...
Property 1:
Borrower: Open - TBD
Racine, WI 53403
Property Type: 12-unit apartment building
Loan Type: Refinance
Purchase Price: $519,900
Purchase Date: 12/28/2018
Current Balance: $454,205.73
LTV Requested: MAX
ARV Requested: MAX
FICO: 705
Experience: Over 22 Flips
Estimated Current Value: $850,000 - $1,100,000
Gross Monthly Revenue: $11,400
Annual Taxes: $16,868
Annual Insurance: $8,353.00
Property 2:
Borrower: Open - TBD
Address: Milwaukee, WI 53206
Property Type: 8-unit apartment building
Loan Type: Refinance
Purchase Price: $114,000
Purchase Date: 11/13/2020
Current Balance: $285,770.90
LTV Requested: MAX
ARV Requested: MAX
FICO: 705
Experience: Over 22 Flips
Estimated Current Value: $475,000 - $600,000
Gross Monthly Revenue: $7,600
Annual Taxes: $5,721
Annual Insurance: $3,838.81
Offers:
Address: Racine, WI 53403
Property Type: 12-unit apartment building
Cash Out Refi
12 Unit
70% LTV
9.125% Full Am
2% Origination Fee
3% broker fee
5/25 - fixed for 5yrs, then 25 yr AM
Prepay 5yrs at 5%
DSCR: 1.15%
Appraisal to be ordered by Lender
Address: Milwaukee, WI 53206
Property Type: 8-unit apartment building
Cash Out Refi
8 Unit
75% LTV
10.125% Full Am 30 years
2% Origination Fee
3% broker fee
5/25 - fixed for 5yrs, then 25 yr AM
Prepay 5yrs at 5%
DSCR: 1.15%
Appraisal to be ordered by lender
DSCR - rental income to cover debt at a 1.15% basis.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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