Bridge Loan for Newark New Jersey Multifamily Property Acquisition

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

11/15/2014

Property Type
Multifamily
Property City

Newark

Property State

NJ

Interest Rate

%

Origination Points

%

Deal Summary

In November 2014, Owemanco funded a private money bridge loan for the purchase of a 16-unit apartment building in the Weequahic neighborhood of Newark, New Jersey. The purchase price was $1,280,000. The Borrower put down only $30K in cash but cross-collateralized with equity in another investment property to make the loan-to-coast 51%. The cross-collateralized property is a Class-C 16,000 square foot multifamily property near the acquired 16-unit property. The Borrower plans to improve the property and hold for a long term. A refinance will pay off this 1st trust deed bridge loan within 1 year.

Funded By

Ontario Wealth Management Corporation

Direct Lender for Commercial Real Estate Bridge Loans