Deal Status

Active

Property Address

212 - 218 20th St N, Brimingham Alabama

Requested Loan Amount

$4,500,000

Loan to Value

64%

Loan Term

24 months

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Collateral and Loan Details

Commercial Property Type

Mixed-Use

Unit Mix Retail

3

Unit Mix Office

3

Number of Units

6

Current Occupancy

Tenant Occupied Partial

Current Occupancy Percentage

63

Loan Type

Refinance

Square Footage

27,000

Current Market Value

$7,000,000

Existing Mortgages

1st

Mortgage 1 Balance

$3,300,000

Equity Cash Out

Yes

Equity Cash Out Purpose

Improve Subject Property

Equity Cash Out Details

Current market value of $7MM and a stabilized value of $8MM, client is seeking to refinance 1st position lien and cash out to finish project. Debt will be serviced using funds from current leases. Bridge loan will be re financed to a term loan in 24 months.

Have Appraisal

No

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Excellent

Property Photos

First Name

Matthias

Last Name

Mogensen

Phone Number

(631) 352-9047

Company

Engel & Volkers

Role

Mortgage Broker

Location

Orlando, Florida

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