PROPERTY:

Wickham Rd, Baltimore, MD 21229

DESCRIPTION:

The borrower is requesting a hard money loan to purchase and renovate a property.  The purchase price is $85,000 and the property needs about $40k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work.  HMB has done 10+ successful deals for one of the guarantors on this loan.  The borrower is bringing $25K to closing.

PROPOSED TERMS:

Loan Type: Purchase
Loan Amount: $110,000 1st Mortgage
Value of Subject Property: $170,000
Loan to Value: 65%
Term requested: 9 Month Balloon
Exit Strategy: Resell property
Credit Score 652

HARD MONEY BANKERS COMMENTS:

The pros are:

The lender will have good collateral on an investment property.  The borrower is strong with good credit, assets, experience and other free and clear properties.

The cons are:

The borrower’s exit strategy of selling could take longer than expected in this market.