PROPERTY: 

Montgomery Ave, Ellicott City,  MD   21043

 

DESCRIPTION:

  • Purchase price is $341,000 and construction costs are $50,000.
  • Cash to close is $65,000
  • Holding $50,000 of the funds which will be reimbursed upon completion of project
  • Experience in rehabbing – prior client.

 

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $350,000 1st Mortgage
Value of Subject Property: $550,000
Loan to Value: 64%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score  642