PROPERTY:

Evesham Ave, Baltimore, MD 21239

LOAN OVERVIEW:

The borrower is requesting a hard money loan to acquire an investment property. The property is being purchased under market value for $54,000. The borrower has a a lot of experience flipping properties and does many transactions on a monthly basis. The Borrower is putting up about $23K of their own cash plus fronting the construction costs. The property needs $30K in work. The borrower is strong with a 677 credit score, experience flipping properties and money in the bank. HMB has already done many successful transactions with this Borrower.

PROPOSED TERMS:

Loan Type: Purchase
Loan Amount: $75,000 1st Mortgage
Value of Subject Property: $125,000
Loan to Value: 60%
Term requested: 12 Month Balloon
Investor return: 12%
Exit Strategy: Resell property
Credit Score 677


HARD MONEY BANKERS COMMENTS:

The pros are:

The lender will have good collateral on an investment property. The borrowers have strong credit, good assets and experience. The Borrowers will be contributing about $23K+ into this deal plus 1st phase of construction money.

The cons are:

The Borrowers exit strategy of selling could take longer than expected in this market.