PROPERTY:

Sunbright Ln, Germantown, MD 20874

DESCRIPTION:

The Borrower is requesting a hard money loan to refinance a free and clear property they purchased a month ago for $250K cash .   The property is just starting to get renovated so they can list for resale next month. The cash out is going to the purchase of some other properties.

PROPOSED TERMS:

Loan Type: Purchase
Loan Amount: $180,000 1st Mortgage
Value of Subject Property: $275,000
Loan to Value: 66%
Term requested: 9 Month Balloon
Exit Strategy: Resell property
Credit Score 759

HARD MONEY BANKERS COMMENTS:

The pros are:

The lender will have good collateral on an investment property in a stable area. The Borrower is strong with experience, credit and assets.

The cons are:

The Borrowers exit strategy of selling could take longer than expected in this market.