PROPERTY:
Greenwood Dr, Woodbridge, VA 22193
DESCRIPTION:
The borrower is requesting a hard money loan to purchase and renovate a property. The purchase price is $187,000 and the property needs about $25k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work. The Borrower will need about $60K at closing.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $170,000 1st Mortgage |
| Value of Subject Property: | $275,000 |
| Loan to Value: | 62% |
| Term requested: | 9 Month Balloon |
| Investor return: | 12% |
| Exit Strategy: | Resell property |
| Credit Score | 633 |
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property in a hot area of Prince William County, VA. The Borrower is strong with ok credit, assets and experience.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.