PROPERTY:

Irwin’s Choice, Bel Air, MD  21014

DESCRIPTION:

  • Purchase price is $214,000 and construction costs are $15,000.
  • Cash to close is $23,000.
  • Holding $15,000 of the funds which will be reimbursed upon completion of project

PROPOSED TERMS:

Loan Type: Purchase construction
Loan Amount: $225,000 1st Mortgage
Value of Subject Property: $345,000
Loan to Value: 66%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score  706 /714