PROPERTY:
Lehigh Ct, Woodbridge, VA 22193
DESCRIPTION:
The borrower is requesting a hard money loan to purchase a rental property in Woodbridge, VA.  The property is already in livable condition. They are purchasing it for $235,000 and the borrower is bringing about $95K cash to the closing.
PROPOSED TERMS:
| Loan Type: | Refinance |
| Loan Amount: | $152,750 1st Mortgage |
| Value of Subject Property: | $275,000 |
| Loan to Value: | 56% |
| Term requested: | 12 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 631 |
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment property in a good area. The borrower is strong with experience and cash.
The cons are:
The borrower’s exit strategy of selling could take longer than expected.