JEWEL CAPITAL ARRANGED $1,940,000 BRIDGE LOAN IN BROOKLYN, NY
JEWEL CAPITAL has arranged a $1,940,000 bridge loan secured by a 3,720 SF 2-family townhouse and a 1,829 SF 2-family townhouse, both located in Brooklyn, NY. The loan was used to fund other real estate investment. Jewel Capital executed the closing quickly with interest rate at 9.00%. The term of the loan is 12 months, no personal guarantee, and no prepayment penalties. LTV was low at 53.15%.
Blanket Loan: A blanket loan is a type of loan used to fund the purchase or refinance of more than one piece of real property. This blanket loan was secured by 2 properties in Brooklyn and used by this foreign borrower to make investment in other real estate properties.
Favorable terms: No personal guarantee and no prepayment penalties. No personal guarantee separates personal assets from business risk, and also greatly facilitated the borrower in the financing process, especially when the borrower did not possess large amount of assets in the United States. No prepayment penalties provided the borrower with flexibility in scheduling the payment in advance without penalties.
Fast closing: Jewel Capital dedicated to providing high quality service by not only negotiating favorable terms for the clients but also simplifying the application materials and process.
LTV low at 53.15%: The fee simple market values of the properties are $2,600,000 and $1,050,000 respectively as per the appraisal report dated 3/17/2016, with LTV low at 53.15%.
Both the properties are 2-family townhouses located in Brooklyn, NY, and the walking distance is just 10 minutes between the two properties.
The property is a 3 stories 2-family townhouse erected on a 2,000 SF lot and the usable floor area is 3,720 SF. The property is under renovation and expected to go on sale this autumn with estimated sales price at around $3,000,000. Located in the Bedford-Stuyvesant, the property was built in 1901. Bedford– Stuyvesant is a neighborhood of 153,000 inhabitants in the north central portion of the New York City borough of Brooklyn. For decades, it has been a cultural center for Brooklyn's African American population. Bedford–Stuyvesant has many historic brownstones. These homes were developed by speculative developers for the expanding middle to upper middle class from the 1890s to the late 1910s.
The property is a 2 stories 2-family townhouse erected on a 1,925 SF lot and the usable floor area is 1,829 SF. Located in the Prospect Heights, the property was built in 1920 and is expected to be renovated in the near future. Prospect Heights is a neighborhood in the northwest of the New York City borough of Brooklyn. Compared to other Brooklyn neighborhoods, Prospect Heights is relatively small and is notable for its cultural diversity as well as its tree-lined streets. Prospect Heights has seen rapid demographic changes over the last decade, and its shifts are exemplified by a mixture of older buildings under reconstruction, rows of classic 1890s brownstones, and newly built luxury condominiums.
JEWEL CAPITAL is a fast-growing commercial real estate finance and advisory firm based in New York City. By leveraging our unique relationships with commercial banks, financial institutions and investment funds in North America, we are able to provide our clients with tailored, best-in-class commercial real estate investment and financing solutions. We specialize in debt and equity financing for multifamily, mix-use, office, industrial, development, hotel and other real estate properties in the Greater New York metropolitan area. Our sweet spot is from $1MM to $50MM. At Jewel Capital, we are committed to guide our clients through every step of the deal-making process, and we hope to add a “Personal Touch to Your Financing Needs”.
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Tel.: +1 (646) 441-8281
Fax: +1 (347) 535-1314