PROPERTY:

Arabia Ave,  Baltimore, MD  21214

DESCRIPTION:

  • We are doing an $80,000 bridge loan against this property which the borrower just paid $29,500 cash for in January 2016.
  • Property is owned free and clear and the proceeds will be used towards completing this project
  • $8,000 cash back at closing.
  • We are holding $60,000 of the funds which will be reimbursed upon completion of project.
  • 3 months interest collected at closing.

PROPOSED TERMS:

Loan Type: Refinance Construction
Loan Amount: $80,000 1st Mortgage
Value of Subject Property: $130,000
Loan to Value: 62%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score  604