PROPERTY: 

Lycoming Ave, Elkins Park, PA  19027

DESCRIPTION:

  • Purchase price is $175,600 and construction costs are $50,000.
  • Cash to close is $85,000
  • Holding $50,000 of the funds which will be reimbursed upon completion of project
  • Borrower has $350,000 in the bank.

 

 

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $160,000 1st Mortgage
Value of Subject Property: $250,000
Loan to Value: 64%
Term requested: 9 Month Balloon
Exit Strategy: Resell property
Credit Score 692 / 800