Loan amount
$4,000,000
Loan type
Refinance
{Construction}
After Repair Value
$42,500,000
ARV
9%
{ARV}
Property type
Multi-Family 5+ Units
Borrower Details
Credit score
800
Deal experience
18 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Baltimore
State
Maryland
Loan Details
Current mortgage balance
$3,000,000
Cost of improvements
$1,000,000
Estimated property value after repairs
$42,500,000
Additional Loan Information
Requesting a take out of current $3M loan. Current buildings and land are appraised at $9.26M by Colliers. We are in for permits and have already received minor comments back from Baltimore City. Proposed 94 apartment unit building with limited 1st floor space. No entitlement risk. We’re using LIHTC 4% (workforce housing, non competitive, essentially by right) and have tax credit lenders/buyers set up but the process takes 6-8 mo to close. New administration just made lihtc much easier and more attractive. Looking for a $4M loan to bridge us from now to lihtc funding.
Status
Closed
Created
January 31, 2021 - 8:57pm
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