PROPERTY:

Randolph Pl, NW, Washington, DC  20001

DESCRIPTION:

  • Purchase price is $530,000 and construction costs are $60,000.
  • Cash to close is $116,000
  • Holding $60,000 of the funds which will be reimbursed upon completion of project
  • Borrower has prior experience

 

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $490,000 1st Mortgage
Value of Subject Property: $750,000
Loan to Value: 66%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score 663