800.883.8290PROPERTY:
Bethlehem Ave, Glenside PA 19038
cross collateral property – Van Kirk St, Philadelphia, PA 19135
DESCRIPTION:
- The borrower paid $240,000 for the property in 2013 and $85,000 for the Van Kirk property in 2011
- We are doing a $260,000 bridge loan against these 2 rental properties so the borrower can use funds to purchase another commercial property
PROPOSED TERMS:
| Loan Type: | Refinance |
| Loan Amount: | $260,000 1st Mortgage |
| Value of Subject Property:
Value of Collateral: |
$500,000
$135,000 |
| Loan to Value: | 41% combined |
| Term requested: | 12 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 745 / 757 |
