Roxanne Pl, Temple Hills, MD 20748
Lyons St, Temple Hills, MD 20748
Cedar Dr, Suitland, MD 20746
The borrowers are requesting a hard money loan to refinance 3 investment properties The properties were originally purchased years ago and are free and clear. The properties are outdated and need to be renovated. HMB is holding 50K back to be reimbursed on finished work. Cash to the borrower is going towards paying off back taxes, and an existing mortgage on another property. The borrower will be selling the properties as soon as construction is done.
|Loan Amount:||$200,000 1st Mortgage|
|Value of Subject Property:||$450,000|
|Loan to Value:||45%|
|Term requested:||9 Month Balloon|
|Exit Strategy:||Resell properties|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on 3 investment properties at a low LTV.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.