PROPERTY:
Trainor Avenue, Baltimore, MD 21215
LOAN OVERVIEW:
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. The property currently has 2 tenants paying a total of $2,500 per month
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $65,000 1st Mortgage |
| Value of Subject Property: | $150,000 |
| Loan to Value: | 43% |
| Term requested: | 9 Month Balloon |
| Investor return: | 12% |
| Exit Strategy: | Resell property |
| Credit Score | low |
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.