Morrison Court, Baltimore, MD 21226
6 properties in 21226
The borrowers are requesting a hard money loan to acquire several investment properties in Baltimore, MD 21226. All properties are being purchased under market value from the same owner for $17,000 each. 4 of the properties are rented with tenants paying $625 per month and 2 of the properties are vacant. The Borrowers are putting up about $32K+ of their own cash and have 770 and 730 credit scores and experience managing and flipping properties.
|Loan Amount:||$80,000 1st Mortgage|
|Value of Subject Property:||$150,000 (as is)|
|Loan to Value:||53%|
|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 with minimal construction needed. The borrowers have strong credit, good assets and experience. The Borrowers will be contributing about $32K+ into this deal.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.