Winding Waye Ln, Silver Spring, MD 20902
The Borrower is requesting a hard money loan to purchaseÂ a property.Â He just purchased the property at an auction and already did the interior renovations in cash.Â He has a buyer ready to purchase the property upon her taking ownership.
|Loan Amount:||$315,000 1st Mortgage|
|Value of Subject Property:||$425,000|
|Loan to Value:||74%|
|Term requested:||9 Month Balloon|
|Exit Strategy:||Resell property|
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 strong with experience and assets.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.