Liberty Pkwy, Baltimore, MD 21222
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.
|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|
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.