Park Road, NW, Washington, DC 20010
The borrower is requesting a hard money loan to refinance a 5 unit apartment building. The property was purchased in 1997 for $305,000 and is currently generating $7,125 in monthly rents. The property is in a good area of NW DC.
|Loan Amount:||$525,000 1st Mortgage|
|Value of Subject Property:||$850,000|
|Loan to Value:||62%|
|Term requested:||9 Month Balloon|
|Exit Strategy:||Refinance property|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property with no construction needed. The borrower has strong credit and experience. The property is currently getting $7,125 a month in rental income
The cons are:
The Borrowers exit strategy of refinancing could take longer than expected in this market.