Oglethorpe St, NW, Washington, DC 20011
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.
|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|
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.