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.