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.