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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
03/15/2016
Property Type
Property City
West Palm Beach
Property State
FL
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$2,300,000
Loan-to-Value
39%
Property Neighborhood
Pershing Park
Number of Units
7
Borrower's Plan
Rehab and Rent
Exit Strategy
Conventional Loan
Deal Summary
Refresh Funding, a private lender, funded a $900,000 1st lien position bridge loan secured by a 7-unit retail property in the Pershing Park neighborhood of West Palm Beach, Florida. The Borrower needed to cash out equity to use for a major renovation project on the subject property. The improvements will enable the Borrower to get higher rental rates and better tenants. The size of this commercial property is approximately 24,750 square feet and is partially occupied. The property was owned free and clear of any liens with an estimated value of $2,300,000. Our bridge loan is a conservative 39% LTV (loan-to-value). The Borrower plans to renovate the property and rent out the vacant retail units. Once the asset is stabilized, he will be able to refinance into a conventional loan at a lower rate. We funded this 1st trust deed bridge loan in just 10 days. This equity cash-out loan was funded in March 2016.
Funded By
