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FL CRE Cash-out Refi
$524,000
Riviera Beach, FL / Fort Pierce FL – CRE Cash-Out Refinance, 5-Plex and 4-duplexes at multiple addresses. The owners had acquired multiple units in various cities in Florida, then did renovations and and leased-up all of the units at a premium to market.
The owners went to the bank first to secure the purchase loan. The banks said “No”. After a few more attempts, they were forced to use “hard money” lenders for the purchase financing, and their own funds for the renovations.
When they went back to the bank with the completed units (post- renovation and fully-leased), the bank said “No” again. They thought the units were just not stabilized enough for them! After a couple more banks, and a couple more no’s, we moved them out of the banks and to the right funds and CLOSED the loan.
Our funds have designed several new, residential “Renovator”.“Fix and Flip” and portfolio loan programs to cover virtually any residential investor’s requirement. Up to 90% purchase, and 95% “Renovator” and “Fix and Flip” money is available for “small balance loans” (up to $3mm), single-asset or multiple units. “Buy and hold” investors can portfolio their holdings, and use a combination of these strategies. Funds are now available for experienced and inexperienced investors. Once again, just because the bank says, “No”, doesn’t mean we can’t say “YES”, and CLOSE your loan!
Residential money is flowing again, and the market is welcoming it. Ground-up construction is up, apartments and affordable housing units are hot pockets right now. These new lender programs keep coming and are proving valuable alternatives to the “one-choice only” bank. These loan programs are flexible and work for investors of all shapes and sizes. From single-family homes to multi-unit, buy and hold and portfolios these programs can accommodate with a single loan at various fixed rates and terms. $1mm to $50mm Line of Credit loans for residential renovators are available also. Our “large balance” (up to $100mm), loan programs are also available with flexible rates and terms. We are the place to go when the bank say “No”.
Give us a call, and chances are we can say “YES” to your next loan request with programs designed to work for your personal market strategy.