Linhigh Ave, Baltimore, MD 21236
The borrower is requesting a hard money loan to refinance an investment property he just purchased in cash for $100,000. The property needs about $60k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work.
|Loan Amount:||$125,000 1st Mortgage|
|Value of Subject Property:||$200,000|
|Loan to Value:||63%|
|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 good credit, assets, experience and other free and clear properties.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.