PROPERTY:

Fernwood Dr, Upper Marlboro, MD  20774

DESCRIPTION:

  • Purchase price is $240,000 and construction costs are $5,000.
  • Cash to close is $0
  • Holding $5,000 of the funds which will be reimbursed upon completion of project
  • Experience in rehabbing, prior client.
  • Chris & Jason are co-guarantors.

PROPOSED TERMS:

Loan Type: Purchase Construction – JV
Loan Amount: $260,000 1st Mortgage
Value of Subject Property: $325,000
Loan to Value: 80%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score 693