 $7.6 Million Private Apartment Loan Closed in Just 6 Days!ÂIf you want a private apartment loan closed, we are the ONE STOP SHOP.
Location: Atlanta GA
Type: Apartment Rehab projectThis was a private apartment loan with some construction money included. The owner had a note coming due and no extensions allowed. If he did not pay off the existing mortgage by February 28th, the lender was going to sell the note to someone who would likely try to foreclose and take the property. The property was the iconic Peach Building in Atlanta and the borrower had begun renovating it to class A apartments. With a parking deck, and right in the heart of Atlanta at where Midtown and Buckhead meet, this property was going to be a home run. But two different lenders passed on the deal due to partner and title issues and the borrower was under the gun.
Private Money LendersBeing a private money lender ourselves, we have great relationships with other private money lenders and I called in a favor, and got a term sheet out ASAP. The borrower signed and engaged on Wednesday, Feb 20th and immediately site visits were scheduled and we got to work. The private apartment loan closed and funded on Thursday, Feb 28th, just in time, and just 6 business days after signing the term sheet. We did not even order an appraisal. When you need speed, we are the place to go! The loan paid off the first mortgage lender, and gave money to keep the construction going and clear up title. It was a lot of work to close that quickly, but the job got done.
Even though we are a private money lender ourselves, this loan was too large for our fund. We do loans from $2 Million all the way down to $250,000 but we have plenty of lender partners that will go to $100 Million or more. Because we are lenders ourselves, our relationship is different than the typical broker and we are able to close with more certainty. I underwrite all deals before we get out terms and quite simply we get loans closed that other people can not, often with the same or better rates! Almost EVERYprivate apartment loan we close got denied by someone else first, we truly are the place to go when others say not.
Service AreasWe lend nationwide but we are based near Austin, TX. We service the major metropolitan areas of private apartment loan Houston, private apartment loan San Antonio, private apartment loan Dallas, private apartment loan Austin, private apartment loan DFW and including these fine municipalities in Williamson County: Round Rock, Georgetown, Cedar Park, Leander, Liberty Hills, Taylor, Hutto Karen Schimpf
(512)-358-1511
karen@applycommercialloans.com
Give me a CALL TODAY at 512-358-1511 or  get started by completing the form.
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