Meadow Valley Drive, Abingdon, MD 21009
Kirkcaldy Way, Abingdon, MD 21009
The Borrower is requesting a hard money loan to refinance 2 free and clear investment properties. Â The properties were originally purchased in cash in 2008 and 2010 for $600K combined.Â They are currently both rented out and get a combined rent of $2,400 per month.Â The proceeds of this loan are going toward other real estate transactions he needs cash for.Â The Borrower is an experienced real estate investor with a 648 credit score.
|Loan Amount:||$275,000 1st Mortgage|
|Value of Subject Property:||$500,000|
|Loan to Value:||55%|
|Term requested:||9 Month Balloon|
|Exit Strategy:||payoff through other deals|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on two investment properties with no construction needed. The borrowers has ok credit, good assets and experience.Â Â The Borrower has multiple free and clear properties.
The cons are:
The Borrowers exit strategy could take longer than expected.