Multifamily Property In Detroit, MI

Loan Type:
Bridge Loan
Loan Amount:
$3,000,000
Loan Term:
2 YR
Amortization:
Interest Only
Recourse:
Recourse
LTV:
75%

Challenges

The borrower was facing a high interest maturing loan (hard money loan). The borrower did not have enough trailing income to qualify for the Freddie Mac loan & the property needed more time to stabilize.

Solutions

Money360 was able to help the borrower refinance out of a high interest hard money loan that was maturing. We offered a lower interest rate than their current loan and terms that will allow the borrower to stabilize their property.

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