Today I closed on the cash-out refi loan for BRRRR project
#19
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Local lender, 75% loan to *cost*.
Total cost = $~235k
Appraised value = $320k.
Total loan = $176,250.
P/I = $1,166.
Rent = $1,595.
CoC return pretty low, but cap rate of almost 7%. LTV of only 55%.
I'm happy!