Elmtree Street, Baltimore, MD 21226
4 Free and Clear Property Refinance
The borrower is requesting a hard money loan to refinance several free and clear properties she owns in Baltimore. The 4 we are going to collateralize have a combined conservative liquidation value of $140K and are rented for a combined amount of $3,500 per month. The Borrower has good credit and owns over 13 properties currently that all cash flow. The cash out is going towards other month she has to purchase a 35 unit building out of state.
|Loan Amount:||$75,000 1st Mortgage|
|Value of Subject Property:||$140,000 (as is)|
|Loan to Value:||54%|
|Term requested:||9 Month Balloon|
|Exit Strategy:||Resell properties|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on several investment properties that are cash flowing. The borrower has strong credit, good assets and experience.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.