PROPERTY:
Danbury St SW, Washington, DC 20032
DESCRIPTION:
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.
PROPOSED TERMS:
| Loan Type: | Purchase |
| 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 |
| Credit Score | 775 |
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.