Endsley Turn, Woodbridge, VA 22192
The borrower is requesting a hard money loan to refinance an investment / rental property that is currently rented out at $1,350 per month. He originally purchased in 2001 for $75,000 and renovated it before leasing it out.
|Loan Amount:||$80,000 1st Mortgage|
|Value of Subject Property:||$160,000|
|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 at a low ltv.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.