Mortgage lead for Residential loan in Melbourne, FL, 32935

Loan Request for Residential loan in Melbourne, FL, 32935

Request #3708200 by Lender

Date Posted

11/17/2024 4:53:06 PM

Property at

Melbourne, FL, 32935, USA Show Map

Borrower at

Property Type

Residential

Property Value

$335,000

Purchase Price

$335,000

Amount of Existing Loans

$109,000

Loan Request

$60,000

LTV

50.45 %

Credit Rating

780 or more

Net Worth

$150,000 - $250,000

Loan Purpose

Second, Third or HELOC

Purpose

I am seeking a second-lien loan to cover the following costs associated with the acquisition of a rental property: closing costs, payment to the seller, agent commissions, and an assignment fee. The property is currently valued at $335,000 and will be purchased using a "subject to" financing arrangement, allowing me to assume the seller’s existing mortgage of $209,000. The requested loan amount is approximately $120,000, which represents a low loan-to-value (LTV) ratio of about 36% based on the property’s appraised value. This property is located in a desirable rental market, and I have a clear plan for managing it as a cash-flowing rental. Based on conservative estimates, the rental income will cover all debt service, including the second lien, and produce an additional monthly cash flow of approximately $150. My exit strategy includes refinancing or selling the property within 5 years, allowing for the full repayment of this loan. I am offering interest-only payments with a balloon payment at the end of the term, ensuring minimal risk for the lender while providing me with the flexibility to maximize returns. I believe this is a strong investment opportunity, and I look forward to discussing this further

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Loan Request for Residential loan in Melbourne, FL, 32935