Amount: $5,000,000 • LTV: 60% • Rate: 8.25%
Property
The property encompasses a 6-story building boasting over 18,000 square feet of living space. Upon acquisition, the borrower plans to refurbish the property’s exterior and enhance all common areas. Additionally, each unit will undergo a comprehensive renovation, including the replacement of appliances.
Scenario
The borrower had initiated the process of securing a conventional loan, but encountered challenges in completing the loan process within the 30-day timeframe through their bank. However, Park 49 successfully underwrote the deal in under 15 days and provided funding in a timely manner, ensuring the client’s closing date was met.
