800.883.8290PROPERTY:
Walnut St, Clifton Heights, PA 19018
Lancaster Ave, Philadelphia, PA 19131
DESCRIPTION:
- We are doing a $55,000 bridge loan against these 2 properties which the borrower just paid $10,000 and $20,000 cash for in January 2016.
- Properties are owned free and clear and the proceeds will be used towards completing the Walnut Ave project. Lancaster is rented.
- $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: | $55,000 1st Mortgage |
| Value of Subject Property: | $120,000 |
| Loan to Value: | 59% |
| Term requested: | 12 Month Balloon |
| Exit Strategy: | Resell property |
| Credit Score | 670 |
