$2,700,000 Blanket Mortgage – Mixed-Use & Multi-Family Properties in Jersey City, NJ
In this deal, a real estate investor came to H&O Capital Funding looking for a loan across three properties in the heart of a revitalized Jersey City. Having long ago acquired the properties for a song, the borrower needed a cash out refinance to finish off renovations on one of the properties and use the extra proceeds as down payment for another investment. The three properties consist of a mixed-use building with a booming day-care business and four apartments, a fully leased four-family home and another four-family home currently undergoing renovation. The deal ran into a bit of a snag as it didn’t seem there would be enough equity to meet the borrower’s needs, however, H&O was able to get creative and add a lien on the borrower’s own residence, which was already on the market for sale. Despite delays on the appraisals and a few other hiccups, H&O was able to close the deal in just under four weeks.
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