Hard money lending opportunity

[Nick Batt]

Hello everyone,

I have got an oppurtunity to take first mortgage with 58% LTV. But I Have few questions about it..(1) he said he want to use part of the money to pay IRS debt of 28000 (2) use rest of the money for addition to the house and than go to conventional financing ... Problem is I am in South Carolina and property is in New York... Any suggestion about the worst case scenario...thanks