800.883.8290PROPERTY:
Sunset Dr #5, Ocean City, MD 21842
Garfield Rd, Havre De Grace, MD 21078
DESCRIPTION:
- Purchase price is $80,000 and construction costs are $20,000.
- $110,000 Loan Amount
- Cash to close is $1,200 + putting a 1st lien on a free and clear property on Garfield Rd listed at $129K
- Holding $20,000 of the funds which will be reimbursed upon completion of project
- Borrower is experienced in rehabbing.
PROPOSED TERMS:
| Loan Type: | Purchase Construction |
| Loan Amount: | $110,000 1st Mortgage |
| Value of Subject Property: | $110K subject & $120K cross collateral |
| Loan to Value: | 48% |
| Term requested: | 12 Month Balloon |
| Exit Strategy: | Sell property |
| Credit Score | 661 |
