PROPERTY:
Jennings Farm Dr, Sterling, VA 20164
DESCRIPTION:
The borrower is requesting a hard money loan to purchase a commercial office condo from an auction.   The purchase price is $248,000.  The property doesn’t need any work except some paint and will be immediately re-listed for resale.   The borrower is bringing ~$52K+ to closing.
PROPOSED TERMS:
| Loan Type: | Purchase |
| Loan Amount: | $220,000 1st Mortgage |
| Value of Subject Property: | $400,000 |
| Loan to Value: | 55% |
| Term requested: | 12 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 703 |
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment commercial condo. The borrower is strong with good credit, assets and experience.
The cons are:
The borrower’s exit strategy of selling could take longer than expected in this market.