Westway Rd, Glen Burnie, MD 21061
The borrower is requesting a hard money loan to purchase and renovate a property. The purchase price is $120,000 and the property needs about $20k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work. The co- borrower has 772 credit score and cash. They will be bringing about $33K to closing .
|Loan Amount:||$120,000 1st Mortgage|
|Value of Subject Property:||$215,000|
|Loan to Value:||56%|
|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 in a good area. The Borrower is strong with good credit and cash assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.