Featured Loan$4,800,000 Apartment Building Hard Money Bridge Loan in Chicago
Loan Amount: $4,800,000
Loan-To-Value: 75% LTV
First Capital Trust Deeds secured a $4,800,000 apartment building hard money bridge loan in Chicago for the owner making improvements before placing the property for sale in Spring 2020.
Usually, 75% Loan-To-Value (LTV) on a hard money cash-out loan is higher leverage than most lenders like to go. However, in this case, 90% of the occupants had subsidized housing which guaranteed a steady stream of rental income that covered the debt service on the loan.
The resulting refinance provided the owner cash-out funds to embark on the renovations that would be completed by March 2020.