Amount: $5,000,000 • LTV: 60% • Rate: 8.25%
The property is a 6 story building with 18,000 plus square feet of living space. Once acquired, the borrower will renovate the exterior of the property and all common areas along with each unit receiving a full gut renovation and new appliances.
The borrower was in the process of obtaining a traditional loan but wasn’t able to complete the loan process within 30 days through his bank. Park 49 was able to underwrite the deal in less than 15 days and funded in time to meet the client’s closing date.