Otis St, Landover, MD 20785
The borrower is requesting a hard money loan to purchase and renovate a property. The purchase price is $130,000 and the property needs about $35k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work. The co- borrower has lower credit (620) but we have done 3 other successful deals with them. They will be bringing about $36K to closing..
|Loan Amount:||$145,000 1st Mortgage|
|Value of Subject Property:||$225,000|
|Loan to Value:||65%|
|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 and cash assets.
The cons are:
The borrower has lower credit.