Lee Highway, Falls Church, VA 22042
The borrowers are requesting a hard money loan to refinance a commercial property she owns. The property was purchased in 2009 for $550K (which seems slightly on the high side). It is currently 2 units with the bottom unit being occupied by her chiropractic practice and the top floor in the process of getting rented out for about $1,800 per month.
|Loan Amount:||$275,000 1st Mortgage|
|Value of Subject Property:||$ 450,000|
|Loan to Value:||62%|
|Term requested:||12 Month Balloon|
|Exit Strategy:||hold property|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on a commercial property in a good area of Fairfax county that she paid $550K for 2 years ago and worth $450K today.
The cons are:
The Borrowers exit strategy of refinance maybe tough due to credit but HMB feels its worth the risk since the LTV is low on a very solid commercial property in a good area.