PROPERTY: 

U St, NE Washington, DC  20002

DESCRIPTION:

  • Purchase price is $530,000 and construction costs are $50,000.
  • Cash to close is $104,000.
  • Holding $50,000 of the funds which will be reimbursed upon completion of project
  • Prior client.

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $525,000 1st Mortgage
Value of Subject Property: $800,000
Loan to Value: 66%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score  723 / 668