Loan purpose is for updating and refurbishing of the 817 Darfieldd Drive, Raleigh, NC 27615 property, built in 1994, along with covering owner expenses until time of sale in 24 months. Currently valued by Zillow at 1,075,000, the owner wishes to maintain a CLTV of 75%. The home has a $387,107.00 (36%) first mortgage @ interest rate of 2.5%, and a $178,825.00 (17%) HELOC. The owner's first choice is a 2nd position bridge loan of $419,143.00 which will payoff the existing 2nd, leaving $240,318.00 (17%) to be used for repairs/upgrades/expenses over the course of 24 months. Nearby, similar houses are currently selling at ~$200,000 over asking price.
