PROPERTY:
Everglade Lane, Bowie, MD 20716
DESCRIPTION:
- Refinance on a property they purchased in cash in 2009 for $205,000
- Tenants in property paying $1,600 per month
- Funds are going to another business venture he has.
- Repay the loan from the resale of another property in less than 6 months
PROPOSED TERMS:
| Loan Type: | Refinance |
| Loan Amount: | $70,000 1st Mortgage |
| Value of Subject Property: | $130,000 |
| Loan to Value: | 54% |
| Term requested: | 6 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 672 |