Greeley Rd, Landover, MD 20785
The Borrower is requesting a hard money loan to acquire an investment property with minimal rehab needed. The property is being purchased under market value for $82,000 and needs rehab work (around $15,000 for kitchen and bathroom upgrades, paint and landscaping). The Borrower is putting up about $9K+ of their own cash plus fronting the 1st construction draw.
|Loan Amount:||$97,000 1st Mortgage|
|Value of Subject Property:||$160,000|
|Loan to Value:||61%|
|Term requested:||12 Month Balloon|
|Exit Strategy:||Resell property|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property with about $15K construction needed. The Borrower has good assets, a 688 credit score and experience. The Borrower will be contributing about $9K+ into this deal.
The cons are:
The Borrower’s exit strategy of selling could take longer than expected in this market.