Danbury St SW, Washington, DC 20032
The borrower is requesting a hard money loan to acquire a property that they plan to renovate. The purchase price is $135,000 and the Borrower will take care of construction with their own cash. The borrower will be bringing about $70K to closing.
|Loan Amount:||$75,000 1st Mortgage|
|Value of Subject Property:||$150,000|
|Loan to Value:||50%|
|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 in a good area. The Borrower is strong with experience and assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.