Jennings Farm Dr, Sterling, VA 20164
The borrower is requesting a hard money loan to purchase a commercial office condo from an auction. The purchase price is $248,000. The property doesn’t need any work except some paint and will be immediately re-listed for resale. The borrower is bringing ~$52K+ to closing.
|Loan Amount:||$220,000 1st Mortgage|
|Value of Subject Property:||$400,000|
|Loan to Value:||55%|
|Term requested:||12 Month Balloon|
|Exit Strategy:||Resell property|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment commercial condo. The borrower is strong with good credit, assets and experience.
The cons are:
The borrower’s exit strategy of selling could take longer than expected in this market.