PROPERTY:
Endsley Turn, Woodbridge, VA 22192
DESCRIPTION:
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.
PROPOSED TERMS:
| Loan Type: | Refinance |
| Loan Amount: | $80,000 1st Mortgage |
| Value of Subject Property: | $160,000 |
| Loan to Value: | 50% |
| Term requested: | 9 Month Balloon |
| Investor return: | 12% |
| Exit Strategy: | Resell property |
| Credit Score | 583 |
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.