PROPERTY: 

N. 16th St, Philadelphia, PA  19141

 

DESCRIPTION:

  • Purchase price is $79,000 and construction costs are $44,000.
  • Cash to close is $44,000.
  • Holding $44,000 of the funds which will be reimbursed upon completion of project
  • Borrower has excellent credit and over $100,000 in bank.

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $90,000 1st Mortgage
Value of Subject Property: $140,000
Loan to Value: 65%
Term requested: 12 Month Balloon
Exit Strategy: Resell property or Bank refi
Credit Score 778