Lost Pond Ct, Triangle, VA 22172
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.
|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|
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.