PROPERTY:

Winding Path Court, Glenwood, MD 21738

LOAN OVERVIEW:

The borrowers are requesting a hard money loan to refinance an investment property he currently has on the market for $775K.  The property was purchased in cash for $680K and he used to have a tenant in there but decided he wants to sell the property to get his cash back.

PROPOSED TERMS:

Loan Type: Purchase
Loan Amount: $350,000 1st Mortgage
Value of Subject Property: $700,000
Loan to Value: 50%
Term requested: 9 Month Balloon
Investor return: 12%
Exit Strategy: Resell property
Credit Score 700


HARD MONEY BANKERS COMMENTS:

The pros are:

The lender will have good collateral on an investment property in a good area of Howard County. The borrower has strong credit, good assets and experience.

The cons are:

The Borrowers exit strategy of selling could take longer than expected in this market.