Upper East Side Multifamily Townhouse being converted to Single-Family $2,600,000
First Mortgage Loan | Term: 1 year
The Borrower, a very successful owner of a construction company, acquired this property for $3,737,500 and will immediately renovate and convert it to a single-family residence. Single-family town homes in Manhattan are in short supply and tend to sell at a premium compared to multi-unit townhouses. The Borrower has excellent credit scores and strong income. He will fund the $500,000 renovation out of his cash flow. After the renovations are complete the Borrower will either sell the building and repay the loan or rent it and then refinance our mortgage with a bank loan. When we first spoke with this Borrower in the last few days of August, he was concerned that his bank was moving too slowly to accommodate his time-of-the-essence closing on September 15th. As both the Borrower and his attorney were well prepared, we were able to close this loan within 16 days of our first phone call with this Borrower.
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