Refinance Bridge Loan for Manhattan Mixed-Use Building

In December 2014, Owemanco funded a $1.9M private money refinance and equity cash out loan for a 10-unit mixed-use building in Chinatown near Lower East Side in Manhattan. The Borrower needed to cash out some equity on this property to use for other investments. The estimated value is $5.4M and there was a $1.5M 1st mortgage on the property. We refinanced the 1st mortgage and provided $400K cash out upon closing. The new 1st trust deed loan is a very conservative 35% LTV. The property is fully occupied, generating a solid rental income. The Borrower plans to refinance with conventional financing and pay off this bridge loan within 2 years.