Forrest AveÂ Baltimore, MD 21234
The borrower is requesting a hard money loan to refinance an investment property that is under contract to resell for $220,000.Â Â Â The cash is going to cash out the original seller who did a seller carry back mortgage.Â HMB has done many successful deals with this borrower.
|$125,000 1st Mortgage
|Value of Subject Property:
|Loan to Value:
|12 Month Balloon
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property.Â 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.