$2,850,000 Refinance – Single Family Investment Property – Brooklyn, NY
A seasoned developer ran into some trouble with a construction loan for a large single-family home he was building in the Sheepshead Bay area of Brooklyn. Having started the project in 2009 just around the time of the financial collapse, the developer ran into some trouble. He was able to delay foreclosure proceedings by declaring bankruptcy, but time had finally run out and he needed to pay the lender off ASAP. H&O Capital Funding stepped in and gave him the funds he needed to get out of hot water. With the property occupied and cash flowing, the borrower now has some breathing room until he can refinance with a conventional lender down the road.
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