PROPERTY: 

Franklin Ave,  Lanham,  MD  20706

DESCRIPTION:

  • Purchase price is $198,850 and construction costs are $18,000.
  • Cash to close is $92,000.
  • Holding $18,000 of the funds which will be reimbursed upon completion of project

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $150,000 1st Mortgage
Value of Subject Property: $335,000
Loan to Value: 45%
Term requested: 12 Month Balloon
Exit Strategy: Resell property
Credit Score  619