36th Ave, College Park, MD 20740
The Borrower is requesting a hard money loan to purchase a short sale he got a very good discount. The purchase price is $169,000 and the property needs almost no work. The Borrower will be bringing about $28K to closing. HMB has done 6 other successful deals with this Borrower.
|Loan Amount:||$155,000 1st Mortgage|
|Value of Subject Property:||$225,000|
|Loan to Value:||68% as is|
|Term requested:||12 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 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.