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Sep 28, 2015 7:02 EST

Oxford Development Refinance: 3333 Ray Road, Oxford, Michigan

iCrowdNewswire - Sep 28, 2015

Oxford Development Refinance

Investment Summary

This is a prefunded refinance & rehab opportunity for a Single Family Residential property in Michigan. The subject property address is 3333 Ray Road, Oxford, Michigan.

The developer is requesting a loan of $252,000 in order to renovate and refinance the underlying property. There is major renovation needed for the underlying property, totaling $250,000. The borrower will receive 4 draw(s) totaling $252,000 over the course of the loan. The initial draw in the amount of $83,000 occurs at closing to cover part of permits, framing materials, framing labor, rentals, roofing, windows/sliders, plumbing and siding. The second draw of $57,000 will be disbursed after the remainder of the permits, framing materials, framing labor, plumbing, EIFS, heating/air conditioning, and insulation are complete. The third draw of $56,000 will be disbursed after the drywall, water hook-up, fireplace, backfill, exterior/interior painting, cabinets, and tile are complete. The fourth draw of $56,000 will be disbursed after the plumbing finish, electrical finish, hardwood floors, interior doors and evidence of completion of the renovation.The borrower plans to sell in one year or under.

3333 Ray Road

  • Purchase Price: $129,000
  • Renovation: $250,000
  • After-Rehab Value: $540,000

An independent third party appraisal shows an After Repair Value (ARV) of $540,000 for 3333 Ray Road. The ARV ratio is 46.67% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding the underlying property in this area of Oxford is stable and demand is greater than supply.

Property Overview

3333 Ray Road was built in 2015, located in the suburban neighborhood of Oxford, Michigan. The property has 14 rooms including 5 bedrooms and 4 bathrooms, with a gross living area of 4,391 sq. ft. on a 10.2 acre lot. The property is near Mulberry Hills Country Club, public parks and hiking, shopping centers, and recreation.

Renovation

3333 Ray Road

Property renovations are underway now and there is major renovation needed for the property. The following renovations are planned to be completed:

  • New Windows
  • New Framing
  • New Roofing
  • New Wood Flooring
  • New Plumbing
  • New Paint
  • Full Landscaping Makeover
  • New Kitchen
  • New Bathrooms
  • New Appliances
  • New Decks
  • New Finishes

 

Contact Information:

Saadia Design LLC

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