PROPERTY: 

Forest Park Ave, Baltimore, MD  21207
Denison St, Baltimore, MD 21229

DESCRIPTION:

  • Purchase price is $92,000 and construction costs are $40,000.
  • $125,000 Loan Amount
  • Cash to close is $18,000 + putting a 1st lien on a free and clear property on Denison st listed at $99K
  • Holding $40,000 of the funds which will be reimbursed upon completion of project

PROPOSED TERMS:

Loan Type:  Purchase Construction
Loan Amount:  $125,000 1st Mortgage
Value of Subject Property:  $170K subject & $80K cross collateral
Loan to Value:  50%
Term requested:  12 Month Balloon
Exit Strategy:  Sell property
Credit Score 559 – score is a lot lower than report reflects