Sunbright Ln, Germantown, MD 20874
The Borrower is requesting a hard money loan to refinance a free and clear property they purchased a month ago for $250K cash .Â Â The property is just starting to get renovated so they can list for resale next month. The cash out is going to the purchase of some other properties.
|$180,000 1st Mortgage
|Value of Subject Property:
|Loan to Value:
|9 Month Balloon
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.