PROPERTY:

Macon Rd, Rockville, MD 20852

LOAN OVERVIEW:

The borrower is requesting a hard money loan to acquire an investment property. The property is being purchased under market value for $160,000.  The borrower has a tremendous amount of experience flipping properties and does many transactions on a monthly basis.  The Borrower is putting up about $22K+ of their own cash.  The property needs $80K in work.  The borrower is strong with a 684 credit score, experience flipping properties and money in the bank. HMB has already done many successful transactions with this Borrower.

PROPOSED TERMS:

Loan Type: Purchase
Loan Amount: $240,000 1st Mortgage
Value of Subject Property: $365,000
Loan to Value: 66%
Term requested: 12 Month Balloon
Investor return: 12%
Exit Strategy: Resell property
Credit Score 690


HARD MONEY BANKERS COMMENTS:

The pros are:

The lender will have good collateral on an investment property in a good area of Rockville, MD.   The borrower has strong credit, good assets and experience. The Borrowers will be contributing about $22K+ into this deal.

The cons are:

The Borrowers exit strategy of selling could take longer than expected in this market.