Taplow St, Baltimore, MD 21212
The borrower is requesting a hard money loan to acquire a discounted investment property. The property is being purchased under market value for $295,000 and needs rehab work (around $51,000 for a new kitchen and 2 bathroom upgrades, paint and redo some flooring). The Borrower is putting up about $145K+ of their own cash. The borrower is strong with a 750 credit score and experience flipping properties.
|Loan Amount:||$235,000 1st Mortgage|
|Value of Subject Property:||$500,000|
|Loan to Value:||47%|
|Term requested:||12 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 very good area of Baltimore. The borrower have strong credit, good assets and experience. The Borrowers will be contributing about $145K+ into this deal.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.