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Featuring a 7 Unit Multi-Family property in Long Beach, CA, where the borrower then registered 2 additional units with the city making the subject a 9 unit apartment building. At the beginning, the borrower was not able to qualify initially for a loan due to low income on a previous years’ tax returns. Fidelity Bancorp was able to use their more recent tax returns which now show a significant increase of income, allowing them to qualify for the loan they were looking for from 900k to now $1,290,000.
David is now refinancing the property as a 9 unit apartment building with new value, and as a result getting the client approx. $285,000 cash out for future investments.
If you’d like us to evaluate a property deal for you, give us a call.
RECENTLY FUNDED TRANSACTION:
Long Beach, CA
Loan Amount: $1,290,000
Loan Purpose: Purchase
Property Type: 7-Units Multi-Family
For more information call:
Fidelity Bancorp Funding at (877) 585-FUND (3863)