PROPERTY:
Liberty Pkwy, Baltimore, MD 21222
DESCRIPTION:
The Borrower is requesting a hard money loan to purchase and renovate a property. The purchase price is $65,000 and it needs about $50K in rehab work. The Borrower will be bringing about $12K to closing. We have done about 12 successful deals for this Borrower.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $115,000 1st Mortgage |
| Value of Subject Property: | $170,000 |
| Loan to Value: | 68% |
| Term requested: | 9 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 605 |
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property in a good area. The Borrower is strong with experience and assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.