Deal Status

Active

Property Address

Wayne New Jersey 07470

Requested Loan Amount

$1,960,000

Loan to Value

70%

Loan Term

11 months

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Collateral and Loan Details

Commercial Property Type

Retail

Retail Property Types

Strip Center

Cannabis Business

No

Number of Units

8

Current Occupancy

Tenant Occupied Partial

Current Occupancy Percentage

35

Loan Type

Refinance

Square Footage

17,900

Current Market Value

$2,800,000

Existing Mortgages

1st

Mortgage 1 Balance

$1,500,000

Equity Cash Out

Yes

Equity Cash Out Purpose

Improve Subject Property

Equity Cash Out Details

Improve subject property

Have Appraisal

Yes

Appraisal Date

01/01/2021

Will additional properties be collateralized?

Yes

Additional Properties

Address

, Newark, New Jersey, 07102

Type

Retail

Number of Units

3

Borrower Entity

LLC

Borrower Credit Rating

Average

Comments

- Loan Type: Refinance
- LTV: 70% of $2,800,000 (Subject Property plus Collateral)
- Loan Amount: $1,960,000
- Loan Duration: 12 months
- Interest Rate: 10%
- Closing Date: July 27, 2021
- Subject Property Location/Type: Wayne NJ/Commercial Retail Property
- Subject Property Value: $1,100,000
- Collateral Property Location/Type: Newark NJ/Commercial Retail Property
- Collateral Property Value: $1,700,000
- Existing Debt on Both Properties: $1,500,000
- Both properties are cash flowing with four tenants

First Name

UBHF

Phone Number

(813) 499-9712

Role

Mortgage Broker

Location

Tampa, Florida

Use the form below to contact the Dealmaker