A local hard money lender had a balloon that came due on this newly renovated 1928 spanish style townhouse apartment complex. Thinking they had the borrower between a rock and a hard place, the lender quoted terms for extending the loan that were out of balance with the quality of the property and the guarantors backing the loan. From loan application to loan documents, this loan closed in less than 5 business days. In addition to the property’s superior location, the recent renovation included all new hardwood floors, fireplaces, appliances, etc. The 13 units are comprised of 2 & 3 bedrooms and offer attached garages for the tenants.
