Delray Beach, FL, May 5, 2022: QuickLiquidity, a direct lender for commercial real estate, has announced the closing of a $750,000 second mortgage on a 24-unit apartment building located in Detroit, MI.
The apartment building received a top-to-bottom renovation in 2021 and is now fully occupied. The building features historic and modern details throughout, including exposed brick walls, stainless steel appliances, and quartz countertops.
It is estimated that the existing first mortgage is only at a 50% loan-to-value and that the property has over $3 million of equity.
While the borrower is in the process of selling the apartment building, it is possible the sale won’t be finalized for 3-6 months. In the meantime, the borrower needed immediate working capital for a separate time-sensitive commercial real estate investment.
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 $750,000 of cash out of their property in only 9 days.
“We have found that a lot of commercial real investors are asset rich but cash poor”, says A. Yoni Miller, Principal of QuickLiquidity. "We provide second mortgages, mezzanine financing, and preferred equity to help investors unlock their trapped equity. This provides them with much-needed capital they can use to continue growing their commercial real estate portfolio."
Have questions regarding subordinated debt? Give us a call right now at 561-221-0881.
