PROPERTY:

Heath ST, Capitol Heights MD 20743
Torque St Capitol Heights, MD 20743
B St Se, Washington, DC 20019
Benning Rd, NE, Washington, DC 20002

DESCRIPTION:

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.

PROPOSED TERMS:

Loan Type: Purchase
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
Credit Score 646

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.