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.