PROPERTY:

Rusty Anchor Rd, Ocean City, MD  21842

DESCRIPTION:

  • Purchase price is $170,000 and construction costs are $30,000.
  • Cash to close is $69,000
  • Holding $30,000 of the funds which will be reimbursed upon completion of project
  • $115,000 in the bank.

 

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $140,000 1st Mortgage
Value of Subject Property: $210,000
Loan to Value: 67%
Term requested: 9 Month Balloon
Exit Strategy: Resell property
Credit Score 682