Recent Transactions

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 intending to immediately renovate and convert it to a single-family residence. In fact, the borrower had a prospective tenant interested in signing a long-term lease once the renovations were completed. Single-family town homes in Manhattan are in short supply and tend to sell at a premium per square foot 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. This Borrower was concerned that his bank was moving too slowly to accommodate his time-of-the-essence closing. 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. 

Back to Recently Completed Loans