PROPERTY:

Nannie Helen Burroughs Ave, NE, Washington, DC  20019

DESCRIPTION:

  • Purchase price is $92,000 and construction costs are $75,000.
  • Cash to close is $41,000
  • Holding $75,000 of the funds which will be reimbursed upon completion of project
  • Experienced real estate investor with over 15 deals done so far; borrower has been in R/E for over 25 yrs

 

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $140,000 1st Mortgage
Value of Subject Property: $240,000
Loan to Value: 58%
Term requested: 9 Month Balloon
Exit Strategy: Resell property
Credit Score  602 /692