Lehigh Ct, Woodbridge, VA 22193
The borrower is requesting a hard money loan to purchase a rental property in Woodbridge, VA.Â Â The property is already in livable condition.Â They are purchasing it for $235,000 and the borrower is bringing about $95K cash to the closing.
|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|
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.