PROPERTY:

Mills Ave, NE, Washington, DC  20018

DESCRIPTION:

  • We are doing a $250,000 bridge loan against this rental property the borrower purchased in 2014.
  • We are holding $100,000 of the funds which will be reimbursed upon completion of project.
  • Property is owned free and clear and the proceeds will be used towards completing this project.
  • 3 month guaranteed interest payments

 

 

 

  • PROPOSED TERMS:
Loan Type: Refinance Construction
Loan Amount: $250,000 1st Mortgage
Value of Subject Property: $500,000
Loan to Value: 50%
Term requested: 12  Month Balloon
Exit Strategy: Rental
Credit Score  661