12 Units- Multifamily Property
Another Successfully Funded Loan
Less 3 years prior we had financed a building for clients in Fontana. They didn’t like the area, but they ended up stabilizing that building and then selling which allowed them to get in on the purchase of this nice asset.
Sellers of the building had a few relatives that lived in the building and as such the rents of those tenants were lower than market which hurt us when underwriting for loan dollars.
Seller agreed to increase rents for the units that the relatives occupied. This increased our NOI and allowed us to get a bit more loan dollars. Our clients were very strong and had a good down payment from their down leg sale. We closed on time everything went smooth.
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