PROPERTY:
Greystone Rd, Baltimore, MD 21227
DESCRIPTION:
The Borrower is requesting a hard money loan to purchase a REO he got a very good discount. The purchase price is $65,000 and the property needs about $50,000 to renovate it. The Borrower will be bringing about $13K to closing. HMB has done 6 other successful deals with this Borrower.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $115,000 1st Mortgage |
| Value of Subject Property: | $200,000 |
| Loan to Value: | 57% as is |
| Term requested: | 12 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 693 |
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property in a stable area. The Borrower is strong with experience, credit and assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.