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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
02/14/2019
Property Type
Commercial Condominium
Property City
Manhattan
Property State
NY
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
50%
Deal Summary
Gravity Capital, a direct lender, funded a $1,150,000 1st lien position hard money cash-out refinance loan for a condominium in Manhattan, New York. Our loan-to-value was 50%. The Borrower was a local investor and sought funds for other projects. The loan was closed within 2 weeks of first contact but we can easily lend faster if the Borrower is prepared with necessary documents. No appraisal was required but we conducted a property inspection allowing us to fund the loan quickly. This CRE hard money refinance loan was funded in February 2019.
Funded By
Gravity Capital
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