Rockhold Dr, Deale, MD 20751
The borrower is requesting a hard money loan to acquire an investment property in a stable area of Anne Arundel County. The property is being purchased under market value as a bank owned property for $125,000 and needs rehab work (around $15,000 to replace carpet, kitchen and bathroom upgrades, paint and landscaping). The Borrower is putting up about $16K+ of their own cash plus fronting the 1st construction draw. The borrower has a 804 credit score and experience flipping properties.
|Loan Amount:||$140,000 1st Mortgage|
|Value of Subject Property:||$230,000|
|Loan to Value:||61%|
|Term requested:||9 Month Balloon|
|Exit Strategy:||Resell property|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property with minimal construction needed. The borrower have great credit credit, good assets ($150K) and experience. The Borrower will be contributing about $16K+ into this deal.
The cons are:
The Borrower exit strategy of selling could take longer than expected in this market.