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
50 Gleason St
323 Harwinton Ave
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.
Investment Needed | Minimum Investment | Loan Duration | APR |
$117,000 | $5,000 | 12 months | 11% |
Combined LTV | 55% Loan to Combined Appraised LTV | $212,000 |
Zillow As-Is Value | 23% Loan to Zillow As-Is | $509,457 |
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.
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:
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:
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.