Multifamily Bridge
Posted 1mo agoMultifamily bridge, Brooklyn
$900,000
Location
Brooklyn, NY 11201
Target rate
10.63%
Term
3 yr
Property type
Mixed Use
Property & underwriting
- Occupancy
- Owner occupied
- Units
- 1
- Lien position
- Second lien
- As-is value
- $1,345,000
- LTV (as-is)
- 66.9%
- Purchase price
- $1,260,000
- After-repair value
- $1,730,000
- Loan-to-ARV
- 52.0%
- Rehab budget
- $241,000
- Existing liens
- $270,000
- Exit strategy
- Sell after renovation
- Borrower experience
- 6-15 deals completed
- Credit score range
- 750-799
- Borrowing entity
- LLC
- Funding timeline
- 2-3 weeks
- Additional collateral
- Mixed Use at Brooklyn, NY
Use of funds
Purchase
Deal summary
Acquisition + rehab on a mixed use in Brooklyn, NY. Borrower is seeking $900,000 at up to 10.63% for 36 months. Sell at completion.