PROPERTY:

Lamont St, NW, Washington, DC 20010

DESCRIPTION:

The borrower is requesting a hard money loan to purchase and renovate a property.  The purchase price is $375,000 and the property on needs about $100k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work.  The borrower will be bringing about $85K to closing.

PROPOSED TERMS:

Loan Type: Purchase
Loan Amount: $425,000 1st Mortgage
Value of Subject Property: $625,000
Loan to Value: 68%
Term requested: 9 Month Balloon
Exit Strategy: Resell property
Credit Score 659

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.