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.