PROPERTY:

Forest Ter,  Landover, MD  20785

DESCRIPTION:

  • The borrower paid $220,000 for the property in 2007
  • We are doing a $55,000 bridge loan against this rental property so the borrower can use funds to update the property and sell it to the current tenant.

PROPOSED TERMS:

Loan Type: Refinance
Loan Amount: $55,000 1st Mortgage
Value of Subject Property: $170,000
Loan to Value: 33%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score  520