Borrower was seeking a Business Purpose Cash-Out Refinance to make improvements to the property with an exit strategy of selling the property.
Subject has 2 detached, 1 story, single family residences. The two units were built at two different times. Unit one was built in 1933 and unit two was built in 1972. Unit one is a one bedroom 1 bathroom unit. Unit two is a two bedroom, one bathroom unit. The second unit has been fixed up more than the first unit. However, the property as a whole needs some cosmetic repair work. Unit one rents for $800 and unit two rents for $1,020.