Pride Lane, Arnold, MD 21012
The borrower is requesting a hard money loan to purchase and renovate a property.Â The purchase price is $187,000 and the property needs about $20k in rehab work. We will hold all construction funds in escrow and will reimburse for completed work.Â The borrower has good credit and cash.Â She will need about $49K at closing.
|Loan Amount:||$180,000 1st Mortgage|
|Value of Subject Property:||$280,000|
|Loan to Value:||65%|
|Term requested:||9 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.Â The Borrower is strong with good credit and cash assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.