Winding Path Court, Glenwood, MD 21738
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.
|Loan Amount:||$350,000 1st Mortgage|
|Value of Subject Property:||$700,000|
|Loan to Value:||50%|
|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 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.