PROPERTY:
South Glebe, Arlington, VA 22204
LOAN OVERVIEW:
The borrower is requesting a hard money loan to refinance a 3 unit property. The property is rented out bringing in $6,600 per month. The cash out of $100,000 is going towards some other future properties the Borrower is looking to buy.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $350,000 1st Mortgage |
| Value of Subject Property: | $600,000 |
| Loan to Value: | 58% |
| Term requested: | 12 Month Balloon |
| Investor return: | 12% |
| Exit Strategy: | Refinance |
| Credit Score | 650 |
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.