Seeking 12 mo 70k loan, 1st lien position South Bend IN
This is a 3 bed SFR located in South Bend, Indiana. Purchased as a 2 bed for 80k in 2018 and third basement bedroom added with other renovations costing 20k. The property was recently appraised for 95k which was very low and may appraise for more (basement work largely ignored by appraiser due to regulations). The property is operating as short term rental (Airbnb). It is 2 miles from Notre Dame University. From August 2018 is has been bringing in an average of 1,500 per month (gross). We want to repay the original hard money loan of 65k and ultimately replace with conventional loan once the short term rental income has been seeded. This is a quick, safe loan for minimum of 12 months with possible extension for another 6 months until conventional lending can be arranged (estimate February - August 2020). Property is in amazing shape, check out interior pics in our Airbnb listing. Reach out for more info - appraisals, income etc