PROPERTY:

Aberdale Rd,  Philadelphia,  PA  19136

DESCRIPTION:

  • We are doing a $70,000 bridge loan against this property which the borrower just paid $106,000 cash for in December 2015.
  • Property is owned free and clear and the proceeds will be used towards completing this project and for other real estate projects
  • $31,000 cash back at closing.
  • We are holding $30,000 of the funds which will be reimbursed upon completion of project.
  • Very experienced developer

PROPOSED TERMS:

Loan Type: Refinance Construction
Loan Amount: $70,000 1st Mortgage
Value of Subject Property: $120,000
Loan to Value: 59%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score  670