Botts Ave, Woodbridge, VA 22191
The borrowers are requesting a hard money loan to refinance an investment property owned free and clear. The property was originally purchased in 2010 for $140,000 and she has been using cash to renovate.Â She is currently light on cash and wants some money to finish the renovations as well as reimburse her for some of the cash she purchased the property with.
|Loan Amount:||$90,000 1st Mortgage|
|Value of Subject Property:||$ 180,000|
|Loan to Value:||50%|
|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 with minimal construction needed. The borrowers have strong credit and the property is at a low ltv
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.