800.883.8290PROPERTY:
1st lien- E Joppa Rd, Baltimore, MD 21286
2nd lien – President St, Baltimore, MD 21202 (behind a $425K first)
DESCRIPTION:
- Refinance of a commercial property (restaurant) with cross collateral on a second commercial property (restaurant)
- Low LTV
- Experienced Borrower
- Owns 6 successful restaurants in the Baltimore area
- No cash-out, the purpose of the loan is to payoff the bank who wrote a 60 month term loan on E. Joppa st when he purchased it.
- In the process of selling 3 properties he owns to payoff
PROPOSED TERMS:
| Loan Type: | Cash Out Refinance |
| Loan Amount: | $1,500,000 1st Mortgage |
| Value of Joppa Rd: | $3,000,000 |
| Value of 3 President St parcels: | $3,000,000 |
| Loan to Value: | low |
| Term requested: | 12 Month Balloon |
| Exit Strategy: | selling some properties |
| Credit Score | 638 |
