PROPERTY:
Otis St, Landover, MD 20785
DESCRIPTION:
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. Â They will be bringing about $36K to closing..
PROPOSED TERMS:
| Loan Type: | Purchase |
| 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 |
| Credit Score | 620 |
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.