Scotsman Guide > Commercial > Directories > March 2019

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Done Deals: March 2019

 

The following closed deals are advertised in this month issue of Scotsman Guide Commercial Edition.

Past Done Deals are in the archives. browse archives


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5 Arch Funding Corp.
Irvine, CA
Contact: Michael Miller  |  844-497-5482  |  mmiller@5arch.com
Property Photo   Property: Single-family home
Purpose: Fix & flip
Loan Amount: $1,103,400
Location: Altadena, CA

Our borrower found an ideal property for a fix and flip project in a transitioning neighborhood. The deal required speed of execution, high leverage and market favorable terms. 5 Arch delivered a loan package including funds for acquisition and rehab allowing the project to get going on time and on budget.

Archway Fund
Los Angeles, CA
Contact: Marissa Wilbur & Tom Noble  |  310-447-8899  |  info@archwayfund.com
Property Photo   Property: Multifamily
Purpose: Acquisition
Loan Amount: $9,390,000
Location: Beverly Hills, CA

A $9.39M acquisition recapitilization loan secured by 3 adjacent multifamily properties in Beverly Hills, CA. Sponsor needed a recapitalization loan to capture 1031 exchange tax benefits as well as provide $750K in rehab funds. Exit is to refi with a traditional lender once property is stabilized.

Cherrywood Mortgage LLC
Diamond Bar, CA
Contact: National Sales  |  800-819-4199  |  info@cherrywood.com
Property Photo   Property: Multifamily
Purpose: Refinance
Loan Amount: $2,564,000
Location: Paterson, NJ

Cherrywood Mortgage recently funded a $2,564,000, 80% LTV, cash-out refinance for 9 investment properties in Paterson, New Jersey, providing the borrower with a new, 30-year term loan at a much lower rate and funds for additional investments.

Kennedy Funding Financial
Englewood Cliffs, NJ
Contact: Loan Officer  |  800-342-8500  |  info@kennedyfundingfinancial.com
Property Photo   Property: Apartments
Purpose: Working capital
Loan Amount: $1,350,000
Location: Boynton Beach, FL
Date Funded: December 2018

The loan will be used for a fully leased, 12-unit apartment building. The building was renovated in 2013 and generates $100,800 in rent a year.

SCOTSMAN GUIDE LEAD
LendTerra
Newport Beach, CA
Contact: David Crantz  |  888-512-7299  |  david@lendterra.com
Property Photo   Property: Goat farm
Purpose: Refinance
Loan Amount: $350,000
Location: Chelsea, MI
Date Funded: August 2018
Broker Fee: $10,500

LendTerra assisted a referring broker to help secure a cashout business loan for their client on a goat farm so another property can be purchased. Borrower was going to lose purchase escrow deposit and we were able to close within 5 days of receiving a complete package.

Lone Oak Fund LLC
Los Angeles, CA
Contact: Alexa Mizrahi  |  310-826-2888 x16  |  alexa@loneoakfund.com
Property Photo   Property: Multifamily
Purpose: Acquisition
Loan Amount: $11,232,000
Location: San Jose, CA

$11,232,000 6-month loan for the purchase of a 48-unit apartment building in San Jose. Lone Oak Fund sourced a 2nd trust deed that brought combined leverage up to 80% of the purchase price. No prepayment penalty, no yield maintenance, non-recourse.





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