PROPERTY:
Riverview Rd, Fort Washington, MD 20744
DESCRIPTION:
The Borrower is requesting a hard money loan to finish construction on a spec project that he has been funding out of his own pocket. The project still needs about 140K worth of work to complete. The property is pre-listed at $600K although it may only sell for somewhere in the low $400K’s. The borrower has experience building homes and developing real estate.
PROPOSED TERMS:
| Loan Type: | Refinance |
| Loan Amount: | $180,000 1st Mortgage |
| Value of Subject Property: | $400,000 |
| Loan to Value: | 45% |
| Term requested: | 9 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 623 |
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, ok credit and assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.