Deal Status

Active

Property Address

1092 Rademacher

Detroit, Michigan

48209

Requested Loan Amount

75000

Loan to Value

65

Loan Term

9

Lien Position

1st

Collateral Type

Residential Property

Exit Strategy

Sale of Subject Property

Property Type

Duplex

Number of Bedrooms

4

Number of Bathrooms

2

Property Occupied

No

Loan Type

Refinance

Property Sq. Footage

2300

Current Market Value

50000

Equity Cash Out

Yes

Equity Cash Out Purpose

Improve Subject Property

Equity Cash Out Details

Paid $42,500 for property would like to borrow cash against property to improve it

Appraisal

No

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Fair

Additional Attachments

Comments

Credit score around 630. Own 10 investment and or rental properties in Detroit. No mortgages on them. Lots of equity if cross collateral is necessary. Would like to borrow $75,000 on the deal noted above. ARV will be 60% upon completion of rehab. Would like to use the loan proceeds to complete rehab (Rehab cost $50k for subject property) and for funds to rehab another property.

First Name

jeff

Last Name

Alexander

Company

J and R Blue, LLC

Role

Borrower

Location

Detroit
Michigan
USA