Delray Beach, FL, Oct 15, 2021: QuickLiquidity, a direct lender for commercial real estate, has announced the closing of a second mortgage on a 14-unit apartment building located in Wilmington, DE.
The property was estimated to have an existing bank loan at around a 50% loan-to-value.
The borrower wanted to pull cash out of his property to grow his business.
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 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."
Have questions regarding second mortgages? Give us a call right now at 561-221-0881.
