Kerwin Rd, Silver Spring, MD 20901
The Borrower is requesting a hard money loan to purchase and renovate a property. The purchase price is $329,000 and the property needs about $25k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work. The Borrower will be bringing about $93K to closing.
|Loan Amount:||$285,000 1st Mortgage|
|Value of Subject Property:||$430,000|
|Loan to Value:||66%|
|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 stable area. The Borrower is strong with experience, credit and assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.