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 . 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.
|Loan Amount:||$180,000 1st Mortgage|
|Value of Subject Property:||$275,000|
|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.