PROPERTY:
Buckland Ct, Fort Washington, MD 20744
DESCRIPTION:
The Borrower is requesting a hard money loan to purchase and renovate a property. The purchase price is $125,000 and the property needs about $5k-$10K in rehab work. We will hold all construction funds in escrow and will reimburse for completed work. The Borrower will be bringing about $52K to closing. He has good credit, cash and experience. HMB has done 1 other successful deal with us.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $90,000 1st Mortgage |
| Value of Subject Property: | $165,000 |
| Loan to Value: | 55% |
| Term requested: | 9 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 688 |
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, credit and assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.