Listing photo3004 Owen Rd SWAlbuquerque, New Mexico
Albuquerque, NM 87121 · MLS 1112657
- 3 bd / 2 ba
- Bedrooms / baths
- 2,184 sq ft
- Living area
- 1986
- Year built
"PRICE REFLECTS HOME BEING SOLD IN AS IS CONDITION. SELLER WILL NOT MAKE ANY REPAIRS. CASH ONLY SALE"
3004 Owen Rd SW is a 3-bedroom, 2-bath home in Albuquerque, New Mexico listed at $175,000 with 2,184 square feet, built in 1986. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with 1 to 2 completed projects and a 740 score puts 10% down ($17,500), we fund the $98,280 renovation estimate in draws, and the loan closes in 2 weeks. The down payment steps with experience, credit and the size of the renovation. See every hard money opportunity in New Mexico or our New Mexico hard money lending page.
From the listing. Price reflects as-is condition, seller will not make repairs. CASH ONLY SALE.
Hard money financing on 3004 Owen Rd SW: what you qualify for.
Preset with the list price and our rough renovation estimate. Change your score, your experience, the budget or the after-repair value and the numbers below move with them. Nothing is pulled and nothing is saved.
- 1. Your score740Qualifies
- 2. Your experience1 to 2 projects10% down at closing
- 3. Down payment10% down$17,500 at closing
- The cap of 92.5% of the total cost leaves $2,996 of the renovation for the buyer.
- With one to four completed projects in three years and a moderate (half to all of the price) renovation: up to 90% of the price at closing and up to 100% of the renovation.
- Ten or more completed flips (five in this state) with a 720 score reach 100% financing on this property.
- Add an after-repair value to confirm the total: the loan is also capped at 72.5% of it.
3004 Owen Rd SW priced at the list price.
| Item | Fix and flip: 10% down | |
|---|---|---|
| At closing | ||
| Qualifies as entered | Yes | |
| Buyer down payment | $17,500 (10%) | |
| Loan at closing | $157,500 | |
| Cosmetic renovation, rough estimate* | We fund $95,284 | |
| Total loan | $252,784 | |
| Rate, interest only | from 9.99% | |
| Points | 1.5 ($3,792) | |
| Appraisal | Required | |
| Estimated monthly interest | $2,104 at full draw | |
| Cash to close, rough estimate | $28,678 | |
Rough estimates at the list price of $175,000 for a 740 score and 1 completed project. This is not a commitment to lend.
*Every figure on this page is a rough estimate. The renovation budget is a super rough placeholder at $45 per sq ft, not a bid or an inspection; get your own contractor numbers before you offer. Indicative estimate for discussion, not a commitment to lend. Business-purpose loans to investors only; final terms are set at submission. Fix and flip loans are sized on an appraisal and must stay under 75% of after-repair value. 10% down is for experienced investors; first-time flippers put 20% down. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.
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