Deal Status

Active

Property Address

212 - 218 20th St N

Brimingham, Alabama

Requested Loan Amount

4500000

Loan to Value

64

Loan Term

24

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

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

27000

Current Market Value

7000000

Existing Mortgages

  • 1st

Mortgage 1 Balance

3300000

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.

Appraisal

No

Property Photos

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Excellent

First Name

Matthias

Last Name

Mogensen

Company

Engel & Volkers

Role

Mortgage Broker

Location

Orlando
Florida
USA