South Glebe, Arlington, VA 22204
The borrower is requesting a hard money loan to refinance a 3 unit property.Â The property is rented out bringing in $6,600 per month.Â The cash out of $100,000 is going towards some other future properties the Borrower is looking to buy.
|Loan Amount:||$350,000 1st Mortgage|
|Value of Subject Property:||$600,000|
|Loan to Value:||58%|
|Term requested:||12 Month Balloon|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on a 3 unit investment property in a good area of Arlington, VA bringing in $6,600 of monthly rent.
The cons are:
The Borrowers exit strategy of refinancing could take longer than expected in this market.