PROPERTY:

N Hanover St, Pottstown, PA  19464

DESCRIPTION:

  • We are doing an $80,000 bridge loan against this property  and cross collateralizing
    a rental property the borrower purchased for $40,000 in 2014.
  • We are holding $51,000 of the funds which will be reimbursed upon completion of project.
  • Collateral property is owned free and clear.
  • Cash to close is $15,000
  • Prior client.
  • PROPOSED TERMS:
Loan Type: Purchase Construction
Loan Amount: $80,000 1st Mortgage
Value of Subject Property: $150,000
Loan to Value: 53%
Term requested: 12 Month Balloon
Exit Strategy: Resale
Credit Score  610 / 766