Quackenbos Street, NW, Washington, DC 20001
The borrower is requesting a hard money loan to purchase a discounted property for $262,000 that only needs about $25K worth of work to update kitchen, baths, flooring, painting and landscaping.Â The borrower is a full time rehabber with experience, cash and good credit.Â The property is in a good area of NW, DC.
|Loan Amount:||$270,000 1st Mortgage|
|Value of Subject Property:||$425,000|
|Loan to Value:||64%|
|Term requested:||9 Month Balloon|
|Exit Strategy:||Resell property|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property in a good area.Â 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.