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Jan 22, 2016 2:03 EST

Three Property Refi Package

iCrowdNewswire - Jan 22, 2016

This is a prefunded residential – refinance opportunity for two Single Family Residential properties and a Multi-Family Residential property in New York and Connecticut, respectively. The subject property addresses are 74 Ball St, Port Jervis, New York (SFR), 50 Gleason St, Torrington, Connecticut (2-Family) and 323 Harwinton Ave, Torrington, Connecticut (SFR).

The borrower is requesting a loan of $117,000 in order to refinance all underlying properties. There is minor renovation needed for two of the three underlying properties. The borrower will receive 1 draw(s) totaling $117,000 at closing of the underlying loan. The borrower plans to sell the properties.

74 Ball St

  • As-Is BPO Value: $37,000
  • Renovation: $48,400
  • After-Rehab Value: $99,000

50 Gleason St

  • As-Is BPO Value: $55,000
  • Renovation: $18,500
  • After-Rehab Value: $115,000

323 Harwinton Ave

  • As-Is BPO Value: $120,000

Independent third party BPOs commissioned by Patch of Land, shows a combined As-Is value of $212,000 and a combined LTV ratio of 55.19% and an ARV ratio of 35.03% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding all underlying properties is neutral and supply and demand are in balance.

Financial Overview
Investment Needed Minimum Investment Loan Duration APR
$117,000 $5,000 12 months 11%
Reference Figures
Combined LTV 55% Loan to Combined Appraised LTV $212,000
Zillow As-Is Value 23% Loan to Zillow As-Is $509,457
Property Overview

74 Ball St was built in 1926, located in a suburban neighborhood of Port Jervis, New York. The property has 12 rooms including 6 bedrooms and 4 bathrooms, with a gross living area of 4,054 sq. ft. on a 4,791 sq. ft. lot.

50 Gleason St was built in 1890, located in a suburban neighborhood of Torrington, Connecticut. The property has 12 rooms including 4 bedrooms and 2 bathrooms, with a gross living area of 1,709 sq. ft. on a 22,215 sq. ft. lot.

323 Harwinton Ave was built in 1937, located in a suburban neighborhood of Torrington, Connecticut. The property has 14 rooms including 5 bedrooms and 4 bathrooms, with a gross living area of 2,554 sq. ft. on a 8,276 sq. ft. lot.

Renovation

74 Ball St

Property renovations are awaiting loan to start renovation and there is minor renovation needed for the property. The following renovations are planned to be completed:

  • Remove all siding shingles and replace with new vinyl siding
  • Remove roof and replace with new plywood
  • Repave and seal driveway
  • Install new kitchen cabinets, update plumbing, and install appliances
  • Exterior Painting
  • Remove and install new heating system

50 Gleason St

Property renovations are awaiting loan to start renovation and there is minor renovation needed for the property. The following renovations are planned to be completed:

  • Convert 2-Family home into single family home
  • Reframe existing roof
  • Drywall and ceilings as needed
  • Exterior Painting
  • Configure and finish kitchen including replacing fixtures

Borrower

The borrower is an experienced investor who began his real estate career in 1999 as a Realtor ®. He has purchased and rehabbed approximately 10 houses in Connecticut and New York since then and has represented dozens of investors in their transactions. He is currently a licensed broker in the state of New York and owns 2 rental properties.

Contact Information:

Three Property Refi Package

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