PROPERTY:

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