Chesley Ave, Baltimore, MD 21234
The borrower is requesting a hard money loan to purchase and renovate a property.Â The purchase price is $85K and the property needs about $40k in rehab work. We will hold all construction funds in escrow and will reimburse in draws for completed work.Â The borrower will be bringing about $35K to closing.
|Loan Amount:||$105,000 1st Mortgage|
|Value of Subject Property:||$170,000|
|Loan to Value:||62%|
|Term requested:||9 Month Balloon|
|Exit Strategy:||Resell property|
|Credit Score||680 mid|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property in a good area.Â The Borrower has experience, cash and credit.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.