PROPERTY:
Gallatin Pl, Hyattsville, MD 20781
DESCRIPTION:
- Refinance on a property they purchased in cash in July for $60,000
- Did some of the renovations in cash and need additional funds
- Holding $30,000 of the funds which will be reimbursed upon completion of project
- Funds are going to finish construction (including recent water damage in the basement) and to reimburse them for some of the funds already contributed
PROPOSED TERMS:
Loan Type: | Refinance |
Loan Amount: | $100,000 1st Mortgage |
Value of Subject Property: | $200,000 |
Loan to Value: | 50% |
Term requested: | 9 Month Balloon |
Exit Strategy: | Resell property |
Credit Score | 730 |