Greenwood Dr, Woodbridge, VA 22193
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.
|Loan Amount:||$170,000 1st Mortgage|
|Value of Subject Property:||$275,000|
|Loan to Value:||62%|
|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 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.