Equity Cash Out02/01/2019
RBI refinanced an existing loan to a local developer in Brooklyn, NY. With all permits and zoning in place, the borrower was looking for a relatively short term cash-out loan, that would refinance an existing loan. The client needed the extra cash in order to start the construction of the project while his bank finalized approval for project's financing. The 4950 sq foot site has 19,800 square feet of development potential and the developer is looking to turn it into an 8 story, 29-unit building.