Cedar Croft Place, Brentwood, MD 20722
The borrowers are requesting a hard money loan to refinance a commercial building they own. The 1800 sq foot building was originally purchased in 1997 for $170,000 and is current used as a recording studio.Â The Borrowers plan to sell the property in the lower $20o,ooo to repay the loan.
|Loan Amount:||$60,000 1st Mortgage|
|Value of Subject Property:||$200,000|
|Loan to Value:||30%|
|Term requested:||9 Month Balloon|
|Exit Strategy:||Resell property|
|Credit Score||Â 559|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on a commercial property at under a 30% LTV.
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.