112 Units- Multifamily Property
Another Successfully Funded Loan
This one was a lot of fun! A purchase transaction of a building that had so much upside to it in many ways but was going to require some big dollars to be invested into the building after close of escrow. Sellers had completed renovations on 60% of the units.
Was big price tag on the building for the clients and they needed as much leverage as possible to get in, and then the buyer needed to still have funds so they could make the cap ex improvements that they wanted after close of escrow, and they needed to go stated.
We structured a low doc program and seller had agreed to raise rents on many of the units which helped out tremendously. Deal closed on time. Took clients a year tomake improvements but this is now a class A property, generating great income- A KEEPER.
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