PROPERTY: 

Winesap Terr, North Potomac, MD  20878

 

DESCRIPTION:

  • Purchase price is $362,000 and construction costs are $80,000.
  • Cash to close is $143,000.
  • Holding $80,000 of the funds which will be reimbursed upon completion of project
  • Borrower has excellent credit and over $320,000 in bank and has buyer for property.

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $325,000 1st Mortgage
Value of Subject Property: $500,000
Loan to Value: 65%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score 741