Greystone Rd, Baltimore, MD 21227
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.
|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|
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.