PROPERTY:

Worrell Ave,  Lanham, MD 20706

DESCRIPTION:

  • Purchase price is $118,000 and construction costs are $40,000.
  • Cash to close is $37,000
  • Holding $40,000 of the funds which will be reimbursed upon completion of project

 

PROPOSED TERMS:

Loan Type: Purchase Construction
Loan Amount: $135,000 1st Mortgage
Value of Subject Property: $210,000
Loan to Value: 64%
Term requested: 9 Month Balloon
Exit Strategy: Resell property
Credit Score  650