PROPERTY:

29th St., Mount Rainier, MD  20712

LOAN OVERVIEW:

The borrower is requesting a hard money loan to acquire an investment property. The property is being purchased under market value for $100,000.  The borrower has a tremendous amount of experience flipping properties and does many transactions on a monthly basis.  The Borrower is putting up about $18K+ of their own cash.  The property needs $80K in work.  The borrower is strong with a 684 credit score, experience flipping properties and money in the bank. HMB has already done successful transactions with this Borrower.

PROPOSED TERMS:

Loan Type: 

Loan Amount:

Purchase 

$180,000 1st Mortgage

Value of Subject Property: $280,000
Loan to Value: 64%
Term requested: 12 Month Balloon
Investor return: 12%
Additional Info:
Exit Strategy: Resell property
Closing Date: 

Credit Score

May 30, 2011 

684

HARD MONEY Bankers COMMENTS:

The pros are:

The lender will have good collateral on an investment property. The borrowers have strong credit, good assets and experience. The Borrowers will be contributing about $18K+ into this deal.

The cons are:

The Borrowers exit strategy of selling could take longer than expected in this market.