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