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