PROPERTY:
Otis St, Mount Rainier, MD 20712
DESCRIPTION:
The borrower is requesting a hard money loan refinance a free and clear property currently on the market in the upper $200K. The property was originally purchased in cash for 159K and fully renovated. The borrower needs some cash to settle on the purchases of a few other properties.
PROPOSED TERMS:
| Loan Type: | Refinance |
| Loan Amount: | $110,000 1st Mortgage |
| Value of Subject Property: | $250,000 |
| Loan to Value: | 45% |
| Term requested: | 9 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 668 |
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, credit and assets.
The cons are:
The borrower’s exit strategy of selling could take longer than expected.