Heath ST, Capitol Heights MD 20743
Torque St Capitol Heights, MD 20743
B St Se, Washington, DC 20019
Benning Rd, NE, Washington, DC 20002
The Borrower is requesting a hard money loan to refinance 4 free and clear rental properties. 3 are residential and 1 is commercial (all are occupied). The combined values are well over $600K. The cash out is going to another business venture that he his heading up. Repayment will be made up selling 2 of the rental properties in the next few months as tenants move out.
|Loan Amount:||$225,000 1st Mortgage|
|Value of Subject Property:||$600,000|
|Loan to Value:||38%|
|Term requested:||12 Month Balloon|
|Exit Strategy:||Resell properties|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on several investment properties.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.