Forrest Ave 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. 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.
|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|
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.