PROPERTY:

Sparks St,  Philadelphia,,  PA  19141

Lehigh Ave, Philadelphia, PA  19132

DESCRIPTION:

  • We are doing a $45,000 bridge loan against this property which the borrower just paid $34,000 cash for in January 2016.
  • Properties are owned free and clear and the proceeds will be used towards completing the Sparks St project.
  • $19,000 cash back at closing.
  • We are holding $18,000 of the funds which will be reimbursed upon completion of project.

PROPOSED TERMS:

Loan Type: Refinance Construction
Loan Amount: $45,000 1st Mortgage
Value of Subject Property: $100,000
Loan to Value: 45%
Term requested: 9 Month Balloon
Exit Strategy: Resell property
Credit Score  678