PROPERTY:
Oglethorpe St, NW, Washington, DC 20011
LOAN OVERVIEW:
The borrower is requesting a hard money loan on a condo he owns free and clear. The borrower did a 12 unit condo conversion and sold most of the units and kept a few for himself as rentals.   The use of proceeds will go towards purchasing a few other properties he is acquiring. This is a strong borrower we have done several deals for.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $100,000 1st Mortgage |
| Value of Subject Property: | $170,000 |
| Loan to Value: | 60% |
| Term requested: | 12 Month Balloon |
| Exit Strategy: | Payoff with cash |
| Credit Score | 727 |
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property in a good area. The borrower has good credit, experience and cash.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.