Oak Hollow Lane, Fairfax Station, VA 22039
The borrower is requesting a hard money loan to acquire an investment property that was just picked up under market value for $415K at an auction sale. The property needs very little rehab work. The borrower is putting up about $210K+ of her own cash plus funding construction costs. HMB has done 1 other successful transaction with this borrower.
|Loan Amount:||$220,000 1st Mortgage|
|Value of Subject Property:||$450,000|
|Loan to Value:||49%|
|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 . The borrower will be contributing a lot of cash ($210K) into this transaction and has experience flipping properties.
The cons are:
The borrower’s exit strategy of selling could take longer than expected in this market.