(MENAFN- EIN Presswire)
QuickLiquidity has announced the closing of a $1.78 million second mortgage on a luxury 136-unit apartment community located in Clarksville, TN.
DELRAY BEACH, FLORIDA, USA, July 26, 2022 /EINPresswire.com / -- QuickLiquidity , a direct lender for commercial real estate, has announced the closing of a $1.78 million second mortgage on a luxury 136-unit apartment community located in Clarksville, TN.
The apartment community is currently 98% leased and is made up primarily of desirable 2-bedroom floorplans perfect for long term renters and families. The upscale living spaces have stainless steel appliances, tile flooring, and spacious closets.
The property has an existing first mortgage loan of $11.3 million and is estimated to be worth around $20 million. This puts the borrower's first mortgage at an estimated 56% loan-to-value with $8.7 million of equity in the property.
The borrower needed liquidity for a separate time-sensitive commercial real estate transaction.
If the borrower were to refinance their existing first mortgage, not only would it take months to close, but the borrower would have to pay a significant yield maintenance prepayment penalty.
QuickLiquidity offered a quick and cost-efficient solution by leaving the existing first mortgage in place and providing the borrower with a second mortgage on the property.
This allowed the borrower to pull cash out of their property in only 9 business days.
This loan was closed without a new appraisal and without any credit score requirements.
“We have found that a lot of commercial real investors are asset rich but liquidity poor”, says A. Yoni Miller, Principal of QuickLiquidity. 'We creatively tailor our subordinated debt to let them unlock their trapped equity without disturbing their existing first mortgage. This provides them access to much-needed capital they need to continue growing their portfolio.'
ABOUT QUICKLIQUIDITY, LLC
QuickLiquidity is a direct lender for commercial real estate nationwide. Helping our borrowers with time-sensitive and complex transactions is at the heart of what we do every day. Our success is not only determined by the returns we generate, but by the relationships we build. Our loan programs include first mortgage bridge loans, second mortgages, mezzanine financing, and providing liquidity to minority interest owners in commercial real estate syndications through either purchasing or lending against their ownership interest. Learn more by visiting .
QuickLiquidity, LLC
QuickLiquidity
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