Brockham Drive, Alexandria, VA 22309
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.
|Loan Amount:||$50,000 1st Mortgage|
|Value of Subject Property:||$100,000|
|Loan to Value:||50%|
|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 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.