$5,000,000 FUNDED / HARD MONEY
WILLIAM GRANT – NEW YORK
One day, we got a call from Ken, William’s realtor in NY, mentioned about getting a loan of 50% LTV of his client’s 175-unit apartments. Free and clear. 100% tenant occupied. Nice and good location. We always asked the reason why our clients want to get hard money instead of long good term. William needed the fund to buy the next door office building for a good bargain. The property was listed for $7M with 65% tenant occupied (T/O). Banks won’t do it since they want at least 90% T/O. Private lenders want it at least 75% (T/O) to meet the guideline. So, he negotiated and got $5M cash from his apartment to pay in full.
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