Deal Status

Active

Property Address

1130 Richtex Rd

Winnesboro, South Carolina

29180

Requested Loan Amount

980000

Loan to Value

70

Loan Term

24

Lien Position

1st

Collateral Type

Residential Property

Exit Strategy

Refinance

Property Type

Mixed-Use

Unit Mix Residential

6

Number of Bedrooms

16

Number of Bathrooms

13

Property Occupied

No

Loan Type

Refinance

Current Market Value

1400000

Existing Mortgages

  • 1st
  • 2nd

Mortgage 1 Balance

249966

Equity Cash Out

Yes

Equity Cash Out Purpose

Improve Subject Property

Equity Cash Out Details

Rehab 4 units Clear 5-7 acres of timber

Appraisal

Yes

Appraisal Date

04/25/2018

Lot Size

143

Property Photos

Will additional properties be collateralized?

No

Borrower Entity

Individual(s)

Borrower Credit Rating

Fair

Additional Attachments

Comments

Borrower had been paying the owner of this property monthly since 2015 and put down $30,000 total in that time, plus did improvements to the property. The owner agreed to put borrower on title recently so she can take over property management and continue improving the building. $659,000 of the loan proceeds will go to the previous owner, and the remaining proceeds will go towards rehab/tenant improvements. Once improvements are completed, the rents per unit will be $3,000.00 per month. Borrower's credit is 639.

First Name

Lorraine

Last Name

Heist

Company

TSM Enterprise

Role

Consultant

Location

Winnesboro
South Carolina
USA