Loan Amount: $2,800,000
Loan Purpose: Cash Out Refinance
Property Type: 38 Unit Multifamily Residence
RECENTLY FUNDED TRANSACTION:
Opportunity: Borrower had been to 7+ banks before being referred to work with us directly to get his deals done. The property was previously purchased all cash and then we refinanced it just one month later. We overcome some difficulties due to his profession, past/current legal issues and the borrower lacking real estate investment experience. While the subject property resides in a great location, the previous owner left the subject property with low occupancy, which we were able to overcome. We were able to get the loan closed in about 41 days and final loan amount was based on market rents for vacant units that were to be occupied before closing.
For more information call:
Brett Sonsma – (714) 908-5130
Tinus Sonsma – (714) 908-5117
Fidelity Bancorp Funding is an Orange, California-based firm providing mortgage options to meet the long-term needs of clients of all ages and scenarios, including Realtors, homebuyers and investors. Founded in 2000, the firm is dedicated to superior standards and best practices, and recently surpassed $9 billion in funding provided nationwide. Fidelity Bancorp Funding specializes in assisting homebuyers or those in complex situations or who need alternative options such as bridge financing to help ensure that they get the deal they want.