PROPERTY: 

Soward Dr, Silver Spring,  MD  20902

 

DESCRIPTION:

  • Purchase price is $289,900 and construction costs are $60,000.
  • Cash to close is $91,000
  • Holding $60,000 of the funds which will be reimbursed upon completion of project
  • Prior client, excellent credit.

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $290,000 1st Mortgage
Value of Subject Property: 410,000
Loan to Value: 71%
Term requested: 9 Month Balloon
Exit Strategy: Resell property
Credit Score 796