PROPERTY:

Edgewater Terr,  Fort Washington, MD 20744

DESCRIPTION:

  • Purchase price is $274,500 and construction costs are $20,000
  • Cash to close is $57,000
  • Holding $20,000 of the funds which will be reimbursed upon completion of project.
  • Prior client.

PROPOSED TERMS:

Loan Type: Purchase construction
Loan Amount: $260,000 1st Mortgage
Value of Subject Property: $372,000
Loan to Value: 70%
Term requested: 9 Month Balloon
Exit Strategy: Resell property
Credit Score 549 / 647