Village Green Dr, Alexandria, VA 22309
The borrowers are requesting a hard money loan to acquire an investment property to hold as a rental. The property was already renovated and being sold slightly below market value at $95,000 and needs no work. The Borrower is putting up about $37K+ of their own cash and putting a tenant in there who will be paying $1,500 per month. The borrower is strong with a 700+ credit score and liquid cash.
|Loan Amount:||$65,000 1st Mortgage|
|Value of Subject Property:||$110,000|
|Loan to Value:||60%|
|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 Borrowers will be contributing about $37K+ into this deal.
The cons are:
The Borrowers exit strategy of refinancing could take longer than expected in this market.