PROPERTY:
Brockham Drive, Alexandria, VA 22309
LOAN OVERVIEW:
The borrowers are requesting a hard money loan to refinance an investment he has as a rental. The property was already renovated after the purchase and the tenants are paying $1000 per month. The Borrower plans to resell the property in December when the tenants lease is up. The borrower is strong with a 700+ credit score and liquid cash. HMB has done 1 successful deal with this Borrower.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $50,000 1st Mortgage |
| Value of Subject Property: | $100,000 |
| Loan to Value: | 50% |
| Term requested: | 9 Month Balloon |
| Investor return: | 12% |
| Exit Strategy: | Resell property |
| Credit Score | 700 |
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property with no repairs needed. The borrowers have strong credit, good assets and experience.
The cons are:
The Borrowers exit strategy could take longer than expected in this market.