We'll pull up the court records and send someone by to give us a condition report (notice I didn't say BPO...we are pretty good with determining value if we know condition).

Thought it would be useful to share the structure since situations like this come up once investors start accumulating multiple properties.The portfolio consisted of 6 properties / 7 units in Bethlehem and Allentown, PA:- 5 SFR / townhomes- 1 duplex- one unit with a HAP leaseThe borrower originally financed the properties at different times and wanted to refinance existing debt and pull equity out to deploy into future acquisitions.Deal overview- Portfolio appraised value: $1.438M- Loan amount: $1,025,000- LTV: 71.2%- Total rent: $9,170/month- Occupancy: 100%One interesting point is that current rents are still below market.

Is your rate so great that you cannot just do a cash-out refi to pull the equity out of the property that you wish?

If so, were permits pulled & were they installed by a professional5.Are any of the homes rented to students6.Is there a flat roof7.are there asbestos shingles8.

In 2021-2022 you could be off by 10-15% on your ARV estimate and still pull most of your capital back.

Or are you pulling back entirely and focusing on other states?

I've spent the last several months pulling apart Miami-Dade County tax deed auction data - purchase prices, resale outcomes, hold times, flood zones, property conditions - and turning it into something usable.

Primarily for Hard Money FixNFlipsIf you have anything to add or any feedback please let me know.Borrower & Experience    Experience Required    Minimum Credit    Pre Approval - Soft or Hard Credit Pull    Minimum Bank Balance    Out of State Investor OKLoan & Leverage    Minimum Loan Amount    Time to Close    Max Purchase LTC    Max Rehab LTC    Cross Collateral for Down Payment    ARV Limit    Rehab More Than Purchase Price OKRates & Terms    Interest Rate    Interest Only    Loan Term    Early Payoff Penalty    Extension Term and Cost    Interest on full loan or Balance DueFees & Closing    Origination Points    Lender Doc Fee    Appraisal Fee    Other "Junk" Fees    Closing 100% RemoteRehab & Draws    Draw Method (App, Inspector)    Draw Inspection Fee    Wire ACH fee on Draws    Funding Draw Speed    Minimum or Max # of Draws    Permit Required for DrawState Specific    Right of Redemption Lending

Most of my strategy in California has focused on forcing appreciation by adding ADUs and JADUs, then refinancing and pulling cash out to reinvest in additional properties using the BRRRR method. 

Many sellers have not pulled permits when adding bathrooms or doing remodeling work.