Sandstone Way, Manassas Park, VA 20111
The borrower is requesting a hard money loan to purchase and renovate a property. The purchase price is $170,000 and the property on needs about $7,500k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work. The borrower will be bringing about $56K to closing.
|Loan Amount:||$135,000 1st Mortgage|
|Value of Subject Property:||$210,000|
|Loan to Value:||65%|
|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 good area. The Borrower is strong with credit and assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.