Boca Raton, FL, September 28, 2022: QuickLiquidity, a direct lender for commercial real estate, has announced the closing of a $400,000 second mortgage on a 24-unit apartment building located in Tallahassee, FL.
The property is completely stabilized and low leveraged. The borrower quickly needed to access working capital to finish the renovation of an unrelated investment property.
The problem was that the borrower’s senior loan had an expensive prepayment penalty in the form of yield maintenance. It was cost prohibitive for the borrower to do a cash-out refinance.
QuickLiquidity offered a quick and cost-efficient solution by leaving the existing first mortgage in place and providing the borrower with a second mortgage on the property.
This loan was closed without a new appraisal and without any credit score requirements.
This allowed the borrower to pull $400,000 of cash out of their property in only 2 weeks.
“We have found that a lot of commercial real investors are asset rich but cash poor”, says A. Yoni Miller, Principal of QuickLiquidity. "We offer second mortgages, mezzanine financing, and preferred equity to help investors unlock their trapped equity. This provides them with much-needed capital they can use to continue growing their commercial real estate portfolio."
Have questions regarding subordinated debt? Give us a call right now at 561-221-0881.
