Last-minute 1st lien opportunity for 12% simple interest deferred with 3 points offered at closing, which is this Monday. Joins a 2nd lien PMC member already in the deal with EMD and appraisal fee paid.
Summary
$50k purchase of triplex in Cleveland’s 44120 at 3693 E 147th St – A real fixer-upper, $5k in concessions at closing.
Scope of work available (see link below), as well as comps, personal financial statement (upon serious request from premium PMC lender), and a personal guarantee.
- $40k due from 1st lien lender at closing
- $100k for rehab. Would like $20k at closing as deposit and so contractor can do the permits, trash-out, new roof, Can do as draws with inspections or contribute at closing and earn deferred interest on the entire amount at deal exit.
- ARV is about $200k (see comps below).
- Rents over $3k/mo total when completed.
Works great as a flip or rental, so the exit is flexible.
This opportunity was previously posted on PMC and has a 2nd lien lender in place already with a micro-loan, which was the reason for doing the whole deal (to put her money to work).
This offering is last minute because the lender didn’t provide terms until just this evening, literally the night before the delayed closing that their underwriting caused to be deferred (we got extended again to Monday by the seller, but don’t wait!). The 90% LTC I my broker assured me would be provided by this lender did not pan out, so the 2nd lien loan from the PMC member no longer covers the down payment.
For more details or to lock up the deal, email me immediately at eric.prescott@gmail.com or call me/text me at (617) 640-6836. If we can figure out terms by early afternoon Friday 3/31, we ought to be able to make closing Monday, 4/3. The seller has made it clear they will not extend again, so don’t delay!
Fresh Comps:
These average $62.49 SF, which with the 5,076 SF at the subject property would be over $300k. That’s unlikely to happen, but it is likely that the property will sell for over $200k, especially with rents over $3k/mo total when completed.
- 3695 E 149th St Cleveland, OH 44120
- Triplex, sold 3/30/23 for $199k
- 3536 Hildana Rd, Shaker Heights, OH 44120
- Duplex, sold 3/30/23 for $199k
- 3359 Sutton Rd Shaker Heights, OH 44120
- Duplex, sold 02/15/23 for $190k
- HHOH Purchase Agreement (Offer, Receipt, and Acceptance) Residential Final
- 3693 E 147 St Residential Property Disclosure Form
- 3693 E 147th St SOW
- Includes new roof, new bathrooms, new kitchens, new floors, new heating systems, etc. – Full renovation
.
I realized I didn’t finish the line regarding deposit to start work (not a deal-breaker, but would make things easier): Permits, trash-out, drain water from the basement and assess why the water keeps coming in (correct that issue), replace roof, and paint the exterior.
Just confirming explicitly that this opportunity is no longer available.