Spring Rd, NW, Washington, DC 20010
The borrower is requesting a hard money loan to refinance an investment property he owns. The property is in a very hot area of Columbia Heights, DC. The loan of $260K will pay off the current mortgage and be used to finish renovaing the property along with giving the borrower some cash to reimburse him for out of pocket construction expenses. HMB will be doing a construction holdback for remaining construction costs.
|Loan Amount:||$260,000 1st Mortgage|
|Value of Subject Property:||$550,000|
|Loan to Value:||48%|
|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 with a ton of equity and about $15K of construction needed.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.