Cash Out Refinance- $1.965 Million
Cash out refinance for a recently renovated 3 family property in Brooklyn. One of our experienced borrowers recently purchased this property with a bridge loan that we provided. Our borrower completed a high-end renovation of this property, which costs about $1m to complete. It was a full gut renovation. All high-end finishes were used. Additionally, our borrower added expansive outdoor areas to this property. Once they completed the renovation and rented out the property for top-dollar, they came to us for a cash out refinance. Despite the market challenges in the financing market, we were able to secure a take-out loan for this borrower. Sinc the borrower added value to this property, they were able to walk away from closing with several hundred thousand dollars in cash. This cashout served as a deposit for the next deal. They’re already on to the next project! Follow us for more updates—blog, LinkedIn, Twitter
John Femenia