Jersey City, NJ

$750,000

2-4 Units Residential

Equity Cash Out

03/13/2021
Transaction by
Stormfield Capital, LLC
Stormfield Capital, a direct portfolio bridge lender in Connecticut, funded a $750,000 cash-out refinance for a 3-unit multifamily property in Jersey City, New Jersey. The Borrower acquired the property, completed a gut renovation, and stabilized the 3-unit multifamily property using a national fix and flip lender. The Borrower came across an off-market property to acquire and needed to close very fast, so they turned to Stormfield to cash-out some equity from the 3-unit property to get the cash needed to close on the new deal. We had an existing relationship with the Borrower and provided funding for another one of their deals in the past, so they knew that we would be able to execute in time sensitive situations. This bridge loan was funded in March 2021.