I have a property that I have targeted and would like to present it to you for funding.
The property is located in West Toledo, OH, the features are:
· 3bed, 2.5 baths, Over 2000 sq/ft of living space, Large basement finished, Huge back yard, Huge kitchen, Sunporch, 2.5 car garage, Fenced in yard and a wood burning fireplace
The home needs updating in the baths, kitchen, basement and landscaping.
Similar homes in the Toledo, OH area that have sold recently located within 0.50 miles are:
1. 3809 Maxwell sold on 7/14/2010 for $115,000
2. 3831 Grantley sold on 7/20/2010 for $106,000
3. 4308 Drummond sold on 5/18/2010 for $140,00
4. 4442 Bowen sold on 5/24/2010 for $107,500
The largest of these homes is Drummond and it’s only 1825sq/ft and has 3bd and 1.5 ba. So, from our research the retail price would clearly be in the $140K range which our target selling price will be less so we can get a quick sale. The Realtor I work with suggested the selling price be in the $122K to $129k range for the purpose of a fast sale.
For the purchase and repairs I'm looking at a funding amount of $65K. This would put us at 52% loan to value, or 52% equity position.
You would be in 1st lien position
I will have a insurance policy in place and paid for 1 yr up front.
I'm offering 10% simple interest return for the use of the money
The term of the funding would be 24 months, with a provision that if paid back in less than 1 yr, you would be paid a full years interest.
Please let me know where you stand on this ASAP as I want to move on this property and have it complete before winter.
If you need additional information please feel free to contact me via email.
Thanks In Advance...
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