Otis St, Mount Rainier, MD 20712
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.
|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|
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.