PROPERTY:

Walnut St, Clifton Heights,  PA  19018

Lancaster Ave, Philadelphia, PA  19131

DESCRIPTION:

  • We are doing a $55,000 bridge loan against these 2 properties which the borrower just paid $10,000 and  $20,000 cash for in January 2016.
  • Properties are owned free and clear and the proceeds will be used towards completing the Walnut Ave project.  Lancaster is rented.
  • $31,000 cash back at closing.
  • We are holding $30,000 of the funds which will be reimbursed upon completion of project.
  • Very experienced developer

PROPOSED TERMS:

Loan Type: Refinance Construction
Loan Amount: $55,000 1st Mortgage
Value of Subject Property: $120,000
Loan to Value: 59%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score  670