Delray Beach, FL, Feb 22, 2022: QuickLiquidity, a direct lender for commercial real estate, has announced the closing of a $1 million second mortgage on a 291-unit apartment community located in Houston, TX.
The property is estimated to be worth over $15 million with a first mortgage of only $8 million. While the borrower has started the process of doing a cash-out refinance on the property, their new lender stated it would take a few months to obtain third-party reports and close their loan.
The problem was that the borrower desperately needed $1 million to close on an acquisition of a separate value-add investment property and he only had 1 week left before the closing date. The seller refused to give the borrower an extension and the borrower was left scrambling for capital.
QuickLiquidity offered the perfect solution by providing the borrower with a second mortgage on their low-leveraged property. This allowed the borrower to access $1 million in only 7 days.
“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 help investors unlock their trapped equity without disturbing their existing senior loan. This provides them with access to much-needed capital they can use to continue growing their portfolio."
Have questions regarding subordinated debt such as a second mortgage or mezzanine financing? Give us a call right now at 561-221-0881.
