PROPERTY: 

Texas Ave, Baltimore, MD 21234

 

DESCRIPTION:

  • Purchase price is $105,250 and construction costs are $20,000.
  • Cash to close is $17,000
  • Holding $20,000 of the funds which will be reimbursed upon completion of project
  • Excellent credit, experienced borrower.

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $120,000 1st Mortgage
Value of Subject Property: $220,000
Loan to Value: 55%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score  786