PROPERTY:
11th Street SE, Washington, DC 20003
DESCRIPTION:
- Purchase price is $830,000 and construction costs are $260,000 (all construction costs are held in reserve and reimbursed on completed work).
- Cash to close is $185,000
- Experienced rehabber that has done at least 20 higher end projects that we are aware of.
- Her contractor is one of the largest residential investors and construction firms in the DC market.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $970,000 1st Mortgage |
| Value of Subject Property: | $1,400,000 |
| Loan to Value: | 69% |
| Term requested: | 9 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 632 |