I have a client who owns an investment property in Fort Plain, NY. He is mid-renovation and needs about $30k to finish.
Seeking a loan to pay off the existing lenders (private money bridge, maturing this month) and get cash-out or construction-holdback for the remaining renovation.
Is this something you can work?
48 Reid St, Fort Plain, NY 13339
Built 1900
4 bed, 2 bath, 2,474 SF on 13,500 SF Lot
Property Taxes: $5,411.99 as of 2024
Purchased for $27,000 on 08/05/2024
Under 48 Reid Street LLC
Existing Debt:
1st $73,000 - with Razd 14 Inc from 08/05/2024
Borrower has invested $48,520 in renovations to-date
Borrower needs $26,795 to complete
Seeking loan of $99,795
• Payoff 1st $73,000
• Cash-out or rehab-holdback: $26,795
Appraisal completed 11/12/2025 through Property Rate AMC
$34,000 As-Is
$200,000 As-Repaired
$2,100/mo Market Rents
Timeline to complete renovation: 2 months
Exit Strategy: Refinance into DSCR loan or sell at retail
This property is not "rural."
On the appraisal, it indicates the property as "suburban":
image.png
Photo:
Borrower Profile:
649 fico
Owns 4 rental properties, renovated himself
Experienced investor
Runs a real estate investor club in Los Angeles (https://lareic.com/)
Dropbox link: loan app, appraisal, track record, bank statements, title profile, rehab budget, CMA, insurance, LLC documents, ID, additional photos, appraisal
Credit and background upon request.
Please let me know what you think.
Thank you.
Best Regards,
Manuel Angeles
Broker Associate | NMLS #1750546
Mobile: (323) 605-7009
Office: (323) 900-0853
Email:
[email protected]
Greenlight Mortgages, Inc.
NMLS #2439590 | 904 N. La Brea Ave, Suite #A, Inglewood, CA 90302
