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.