Deal Status

Active

Property Address

6892 nw 169th street , Hialeah Florida 33015

Requested Loan Amount

$157,500

Loan to Value

70%

Loan Term

360 months

Lien Position

1st

Collateral Type

Residential Property

Exit Strategy

Sale of Subject Property

Collateral and Loan Details

Property Type

Condominium

Number of Bedrooms

2

Number of Bathrooms

2

Owner Occupied

No

Loan Type

Refinance

Property Sq. Footage

1,250

Current Market Value

$225,000

Existing Mortgages

1st

Mortgage 1 Balance

$136,000

Equity Cash Out

Yes

Equity Cash Out Purpose

Personal Use

Equity Cash Out Details

Payoff of First Mortgage is a Hard Money Lender: Equity Cash Out of around $25k for reserves as it was a fix and flip and used all savings to fix this Condo which is now rented for $1,600 a month

Have Appraisal

Yes

Appraisal Date

03/15/2019

APN Parcel ID

30-2014-023-0320

Will additional properties be collateralized?

No

Borrower Entity

Individual(s)

Borrower Credit Rating

Poor

Comments

Borrower Credit Score is slow Primary is 605 and secondary is 528 due to investing all savings into this property owe balance on other accounts that need to be repaid with the cash out.

Just asking 70% LTV of conservative $230,000 value. Similar properties are listed for $240,000

First Name

Miguel

Last Name

Planas

Phone Number

(336) 905-0295

Company

RichPort Capital

Role

Mortgage Broker

Location

High Point, North Carolina

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