Westlake Drive, Potomac Falls, VA 20165
The borrowers are requesting a hard money loan to refinance a commercial property where the current mortgage has come due. The property is in good condition and is rented out for $3,200 per month.Â This commercial office suite is 1,500 square feet with a re-sale value of $340,000. Â They purchased the unit in 2004 for $335,000.
|Loan Amount:||$230,000 1st Mortgage|
|Value of Subject Property:||$ 340,000|
|Loan to Value:||67.6%|
|Term requested:||12 Month Balloon|
|Exit Strategy:||Refinance property|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on an investment commercial property with no construction needed. The property generates $3,200 per month rental income.
The cons are:
The Borrowers exit strategy of refinancing could take longer than expected in this market.