800.883.8290PROPERTY:
Marlborough St, Philadelphia, PA 19125
DESCRIPTION:
- We are doing a $290,000 bridge loan against this property which is a new construction town house that has been completely framed out
- Property is owned free and clear and the proceeds will be used towards completing this project and for other real estate projects
- We are holding $150,000 of the funds which will be reimbursed upon completion of project.
- HMB financed the townhouse next door to this property and he recently paid us off when he sold it for $450,000.
- 3 month guaranteed interest payments
- Very experienced developer
PROPOSED TERMS:
| Loan Type: | Refinance |
| Loan Amount: | $290,000 1st Mortgage |
| Value of Subject Property: | $450,000 |
| Loan to Value: | 64% |
| Term requested: | 9 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 665 |
