PROPERTY:

N. Chester St, Baltimore, MD 21231

DESCRIPTION:

The borrower is requesting a hard money loan to purchase and renovate a property the they recently picked up through a short sale. The purchase price is $150,000 and the property needs about $35k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work. The borrower is bringing $21K+ to closing.

PROPOSED TERMS:

Loan Type: Purchase
Loan Amount: $180,000 1st Mortgage
Value of Subject Property: $280,000
Loan to Value: 65%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score 755

HARD MONEY BANKERS COMMENTS:

The pros are:

The lender will have good collateral on an investment property. The borrower is strong with good credit, assets, experience and other free and clear properties.

The cons are:

The borrower’s exit strategy of selling could take longer than expected in this market.