Lexington Rd, Bel Air, MD 21014
The borrower is requesting a hard money loan to purchase and renovate a property.Â The purchase price is $192,000 and the property needs about $70k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work.Â HMB has done 5+ successful deals with this borrower so far.Â The borrower is bringing $67K to closing.
|Loan Amount:||$215,000 1st Mortgage|
|Value of Subject Property:||$330,000|
|Loan to Value:||65%|
|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 in a good area.Â The borrower is strong with good credit, assets, experience and other free and clear properties.
The cons are:
The borrower’s exit strategy of selling could take longer than expected in this market.