PROPERTY:
Winding Waye Ln, Silver Spring, MD 20902
DESCRIPTION:
The Borrower is requesting a hard money loan to purchase a property. He just purchased the property at an auction and already did the interior renovations in cash. He has a buyer ready to purchase the property upon her taking ownership.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $315,000 1st Mortgage |
| Value of Subject Property: | $425,000 |
| Loan to Value: | 74% |
| Term requested: | 9 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 698 |
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property in a good area. The Borrower is strong with experience and assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.