PROPERTY:
Lost Pond Ct, Triangle, VA 22172
DESCRIPTION:
The borrower is requesting a hard money loan to refinance out of another hard money lenders loan that has come due. The property is currently completed construction and about to come on the market at $475,000.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $230,000 1st Mortgage |
| Value of Subject Property: | $450,000 |
| Loan to Value: | 54% |
| Term requested: | 9 Month Balloon |
| Exit Strategy: | sell property |
| Credit Score | low |
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 assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market. Their credit is low.