60th Ave, Bladensburg, MD 20710
The borrower is requesting a hard money loan on a property that was just purchased for $105K cash. The use of proceeds will be to contribute to the construction on this property (work is currently getting completed) and to purchase another property. We will holdback $25K for construction and reimburse on completed work.
|Loan Amount:||$80,000 1st Mortgage|
|Value of Subject Property:||$160,000|
|Loan to Value:||50%|
|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 experience and assets. HMB has done 1 other successful deal with them.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.