Saint Agnes Ln, Baltimore, MD 21207
The Borrower is requesting a hard money loan to purchase and renovate a property.Â The purchase price is $70,000 and the property needs about $30k in minor rehab work. We will hold all construction funds in escrow and will reimburse for completed work.Â The Borrower will be bringing about $15K to closing.Â HMB has done 4 other successful deals with this Borrower.
|$100,000 1st Mortgage
|Value of Subject Property:
|Loan to Value:
|9 Month Balloon
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property in a good area.Â The Borrower is strong with experience, credit and assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.