PROPERTY:

Lenhert St, Baltimore, MD 21207

DESCRIPTION:

  • Purchase price is $35,200  and construction costs are $60,000.
  • Borrower’s cash to close is $15,000
  • Holding $60,000 of the funds which will be reimbursed upon completion of project
  • Prior client – excellent credit – experienced borrower

PROPOSED TERMS:

Loan Type: Purchase construction
Loan Amount: $90,000 1st Mortgage
Value of Subject Property: $190,000
Loan to Value: 48%
Term requested: 9 Month Balloon
Exit Strategy: Resell
Credit Score  714