PROPERTY:

Forrest Ave  Baltimore, MD 21234

DESCRIPTION:

The borrower is requesting a hard money loan to refinance an investment property that is under contract to resell for $220,000.    The cash is going to cash out the original seller who did a seller carry back mortgage.  HMB has done many successful deals with this borrower.

PROPOSED TERMS:

Loan Type: Refinance
Loan Amount: $125,000 1st Mortgage
Value of Subject Property: $210,000
Loan to Value: 60%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score 652

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.