Ravenswood Rd, Riverdale, MD 20737
The borrower is requesting a hard money loan to purchase and renovate a property. The purchase price is $104,000 and the property needs about $20k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work. The borrower will be bringing about $15K to closing. We have done 3 other successful deals with this borrower.
|Loan Amount:||$120,000 1st Mortgage|
|Value of Subject Property:||$200,000|
|Loan to Value:||60%|
|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.