W Street, SE, Washington, DC 20020
The borrower is looking to refinance an investment property he has worth about $100K in DC. The property is a 900 sq ft 3/1 townhome. He originally had on the market for $125K and is about to drop price in order to sell. The cash out is going towards an immediate business venture that the Borrower is slightly short on cash for.
|Loan Amount:||$35,000 1st Mortgage|
|Value of Subject Property:||$100,000|
|Loan to Value:||35%|
|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 at a 35% ltv.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.