Meadow Valley Drive, Abingdon, MD 21009
Kirkcaldy Way, Abingdon, MD 21009
The Borrower is requesting a hard money loan to refinance 2 free and clear investment properties. The properties were originally purchased in cash in 2008 and 2010 for $600K combined. They are currently both rented out and get a combined rent of $2,400 per month. The proceeds of this loan are going toward other real estate transactions he needs cash for. The Borrower is an experienced real estate investor with a 648 credit score.
|Loan Amount:||$275,000 1st Mortgage|
|Value of Subject Property:||$500,000|
|Loan to Value:||55%|
|Term requested:||9 Month Balloon|
|Exit Strategy:||payoff through other deals|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on two investment properties with no construction needed. The borrowers has ok credit, good assets and experience. The Borrower has multiple free and clear properties.
The cons are:
The Borrowers exit strategy could take longer than expected.