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.