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Mortage Notes

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306 HESTER DRIVE, HARRIMAN TN 37748

INVESTMENT SUMMARY

TYPE UNDERLYING ASSET
ARV Purchase Single Family Residence
Experience rehabbing multiple properties in New Jersey for the last 5 years and owns rentals
Borrower brought $18k cash to close
Good credit 785-774-770 and financials
Repeat borrower
Master Level Inner Circle Student of Lee Arnolds System of Real Estate
All rehab funds are being held in 6 reimbursement draws with NVMS inspections
Improvements to be made: Finish carpentry, trim, baseboard, and molding. Complete landscaping. Install new siding and roof. Replace exterior and interior doors. New HVAC system. Install recess lighting. Finish drywall. Install hardwood and tile flooring. Paint interior. New kitchen appliances. Remodel bathroom with tub, sink, vanity, and paint. Add 2nd bathroom. Remodel kitchen with new cabinets, countertops and flooring. New washer and dryer.

OVERVIEW

LOAN TYPEARV Purchase
LIEN POSITION1st
LOAN AMOUNT$203,000.00
PURCHASE PRICE$115,000.00
MARKET VALUE$290,000.00
DOWN PAYMENT$17,996.59
ARV LTV70%
LOAN TERM12 Months
AMOUNT HELD FOR REHAB$89,800.00
USE OF PROCEEDSPurchase and rehab
EXIT STRATEGYSell
MATURITY DATE07/31/2023
TARGETED RATES OF RETURN8.00%

Details

ADDRESS156 Windward Drive, Barnegat Township NJ 08005
TYPESingle Family Residence
BEDROOMS3
BATHROOMS1
SQUARE FOOTAGE975

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