3401 Albion Ct, Fairfax, VA 22031
311 Virginia Ave, Brookneal, VA24528
The borrower is requesting a hard money loan to refinance an investment property that he purchased early this year. The property needs about $35k in rehab work. The refinance is covering the payoff and the Borrower is not getting any additional cash back.Â HMB will be doing a full construction holdback of $35K.Â The borrower is also posting another free and clear property he owns in Brookneal, VA.
|Loan Amount:||$360,000 1st Mortgage|
|Value of Subject Property:||$550,000 (subject property only)|
|Loan to Value:||65%|
|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. The borrower has experience flipping properties and is posting another piece of property for us to collateralize in first position.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.