PROPERTY:
1st St, Glenarden, MD 20706
DESCRIPTION:
The Borrower is requesting a hard money loan to purchase and renovate a property. The purchase price is $103,000 and the property is getting immediately resold to a cash buyer for $150,000. The Borrower will be bringing about $11K to closing. HMB has done 6 other successful deals with this Borrower.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $103,000 1st Mortgage |
| Value of Subject Property: | $225,000 |
| Loan to Value: | 45% ARV (65% as is) |
| Term requested: | 12 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 693 |
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.