PROPERTY:
Newton St NW, Washington, DC 20010
DESCRIPTION:
- Refinance on a property they purchased 20 years ago and needs to be renovated
- The property is currently rented out for $2,800 per month
- Cash out is going towards construction costs. HMB is holding back $40,000 of it which will be reimbursed in construction draws.
PROPOSED TERMS:
| Loan Type: | Refinance |
| Loan Amount: | $300,000 1st Mortgage |
| Value of Subject Property: | $600,000 |
| Loan to Value: | 50% |
| Term requested: | 12 Month Balloon |
| Exit Strategy: | Refinance |
| Credit Score | 533 |