$3,150,000 Combined First and Second Mortgage – Industrial Property Loan – New Rochelle, NY
The owners and operators of a commercial landscaping business on a 1.8 acre property in New Rochelle, NY came to H&O Capital Funding needing to refinance their current mortgage, which was being called as the landscapers had accrued a large tax lien. The stand alone value of the property wasn’t quite enough to get the landscapers what they needed, so H&O Capital had to get creative and added a second mortgage and a UCC against the landscaping business. The key was coming up with enough to pay off the current lender, pay the outstanding taxes, as well as create an interest reserve to help with monthly payments. While not their usual speedy closing, H&O Capital was still able to get the deal done in 45 days.
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