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.