Thomas Jefferson Ter, Elkton, MD 21921
The borrower is requesting a hard money loan to purchase a rental property. Â The purchase price is $305,000 and the property needs no work. Â Â The borrower will be bringing about $166K to closing.
|Loan Amount:||$155,000 1st Mortgage|
|Value of Subject Property:||$305,000|
|Loan to Value:||52%|
|Term requested:||12 Month Balloon|
|Exit Strategy:||Repay in cash|
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 bringing a lot of cash to close.
The cons are:
The Borrowers exit strategy of selling could take longer than expected but the equity position is great based off the large amount of cash contributed.