Cheshire Ln, Lanham, MD 20706
The Borrower is requesting a hard money loan to purchase and renovate a property. The purchase price is $154,000 and the property needs about $15k in minor rehab work. We will hold all construction funds in escrow and will reimburse for completed work. The Borrower will be bringing about $34K to closing. He has good credit, cash and experience.
|Loan Amount:||$150,000 1st Mortgage|
|Value of Subject Property:||$250,000|
|Loan to Value:||60%|
|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, credit and assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.