PROPERTY:
East 89th St, New York, NY 10128
Albemarle St, Baltimore, MD 21202
DESCRIPTION:
- Cash out refinance of a commercial property with cross collateral on a condo in NYC.
- Low LTV
- Experienced Borrower
- Putting a 1st lien on a condo in NYC and a 2nd lien on a commercial property in Baltimore City .
- Owns 6 successful restaurants in the Baltimore area
PROPOSED TERMS:
Loan Type: | Cash out refi |
Loan Amount: | $510,000 1st Mortgage |
Value of NYC Property: | $800,000 |
Value of Baltimore Property: | $2,000,000 |
Loan to Value: | 65 % NYC / 50% Baltimore |
Term requested: | 12 Month Balloon |
Exit Strategy: | selling both properties |
Credit Score | 638 |