Trainor Avenue, Baltimore, MD 21215
The borrowers are requesting a hard money loan to refinance their investment property. The property was purchased in 2007 for $280,000 and some upgrades were done before she put tenants in.Â The property currently has 2 tenants paying a total of $2,500 per month
|Loan Amount:||$65,000 1st Mortgage|
|Value of Subject Property:||$150,000|
|Loan to Value:||43%|
|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 with tenants paying $2500 per month.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.