Randbo
5 Posts |
 Posted - 05/05/2008 : 09:04:12 AM
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Loan scenario: NY, $780,000, 680 FICO, 60% LTV, Construction, SF, bkstat, NOO
State: NY
Amount: $780,000
Property type: SF
Documentation: bkstat
FICO: 680
LTV: 60%
Occupancy: NOO
Loan purpose: Construction
The borrower/developer would do the following:
1. finish lot#1 townhome double,
2. start and finish lot#2 townhome double,
3. prepare lot #3 for development for 38 unit condo project.
If you can do the below, that would be better.
Cross collateral loan
$425k Bennington lot #1, 2 acres [future value]3/4 complete
$425k Bennington lot #2, 2 acres [future value]raw land now
$450k Bennington lot #3, 20 acres raw land [actual est. value], [future value after engineering and approvals = $1mill]
$1.3mil total
Debt payoff, new loan
$150k payoff loan on Bennington lot #1
$125k cashout to finish Bennington lot #1
$225k cashout to build/finish Bennington lot #2
$150k Engineering and approvals for Bennington 20 acres lot #3
$47k [$33k 12mos int. reserves+ $14k [5% closing costs Bennington lot #1]]
$37k [$27k 12mos int. reserves+ $12k [5% closing costs Bennington lot #2]]
$47k [$33k 12mos int. reserves+ $14k [5% closing costs Bennington lot #3]]
$781k total new loan
60.1% LTV [not counting future value of Bennington lot#3]
Let me know what you think. I have photos and other details.
Thanks, RAND MILLER 661-312-8303cell
Atlantic Security Financial
Rand@aLoanNow.com www.aLoanNow.com |
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