Heath St, Capitol Heights, MD 20743
Darlene Dr, Clinton, MD 20735
The borrower is requesting a hard money loan to refinance 2 single family rental properties. Both have very small existing mortgages that will be paid off. Cash out will go towards some renovations for these properties and 2 other properties she owns. Our loan amount is $80K on a combined as is value of $250K.
|Loan Amount:||$80,000 1st Mortgage|
|Value of Subject Property:||$250,000|
|Loan to Value:||32%|
|Term requested:||9 Month Balloon|
|Exit Strategy:||Payoff through sale of another property|
HARD MONEY BANKERS COMMENTS:
The pros are:
The lender will have good collateral on 2 investment properties
The cons are:
The Borrowers exit strategy of selling could take longer than expected in this market.