Loan amount
$3,560,000
Loan type
As-Is Property Value
$4,450,000
LTV
80%
{LTV}
Property type
Multi-family (2)
Borrower Details
Credit score
550
Deal experience
10 deals
This loan scenario was submitted by a Broker
Property Details
State
Florida
Loan Details
Additional Loan Information
We are a family owned LLC seeking short-term financing as a bridge to a HUD financing to acquire a new 24 unit property. Our family has been in healthcare and multi-family housing for 3 generations. Looking to re-fi existing 8 unit multi-family with proceeds paying off existing mortgage and cash out to partially fund equity for acquisition of 24 unit property. Both properties in West Palm Beach. Mortgage balance on existing property is $596K with a value of $1.25M based on NOI and $1.7M based on recent appraisal. Currently in contract to purchase the 24-unit property for $3M. Loan duration 3-12 months.
Status
Closed
Created
December 29, 2019 - 8:54am
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