PROPERTY:

36th Ave, College Park, MD 20740

DESCRIPTION:

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.

PROPOSED TERMS:

Loan Type: Purchase
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
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.