Delray Beach, FL, May 17, 2022: QuickLiquidity, a direct lender for commercial real estate, has announced the closing of a $500,000 mezzanine loan secured by two 6-unit apartment buildings in Brooklyn, NY.
The two properties are estimated to be worth over $7.5 million with senior debt of only $4 million, leaving $3.5 million of trapped equity in the properties. While the borrower has started the process of selling one of the properties, it would take an estimated 3-6 months to find a buyer and close on the sale.
The problem was that the borrower desperately needed $500,000 for a time-sensitive investment opportunity and wanted to close on the transaction within one week.
QuickLiquidity offered the perfect solution by providing the borrower with mezzanine financing on their low-leveraged properties.
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 cash poor”, says A. Yoni Miller, Principal of QuickLiquidity. "We offer 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 mezzanine financing? Give us a call right now at 561-221-0881.
