Astoria Hill Court, Germantown, MD 20874
The borrowers are requesting a hard money loan to refinance an investment rental property. The property was rented out for years and when her recent tenants moved out they destroyed the property.Â The proceeds of this loan are going to upgrades needed on this property so she can rent it out again.Â This loan is at a very low LTV and it a nice desirable area of Montgomery County, MD.
|Loan Amount:||$65,000 1st Mortgage|
|Value of Subject Property:||$ 180,000|
|Loan to Value:||36%|
|Term requested:||9 Month Balloon|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property at a very low LTV.
The cons are:
The Borrowers exit strategy of refinancing may not work so she has agreed to list the property for sale if she can refinance immediately after improvements are made.