Winding Waye Ln, Silver Spring, MD 20902
The Borrower is requesting a hard money loan to purchaseÂ a property.Â He just purchased the property at an auction and already did the interior renovations in cash.Â He has a buyer ready to purchase the property upon her taking ownership.
|$315,000 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 good area.Â 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.