Historic Brownstone Renovation - West 132nd Street, Harlem, NYC
$500,000 First Mortgage Loan | Term: 1 year
An acquisition/construction loan for two active real estate investors who were fortunate to purchase this already partially renovated 3,932 sq. ft. Harlem Brownstone from an estate. A quick closing was essential for them, thus the Fund was the right solution. The property was appraised on an as-completed basis. W Financial is holding a $200,000 construction reserve, which will be released during the term of the loan as the renovation proceeds with requisitions subject to the review and approval of our construction consultant. The loan was personally guaranteed by the principals who plan to renovate, market and sell this property within one year.
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