Delray Beach, FL, Dec 8, 2020: QuickLiquidity, a direct lender for commercial real estate, has announced the closing of a $500,000 second mortgage on a 32-unit apartment community located in Austin, TX.
The property value is estimated to be over $4 million with a first mortgage of only $1.8 million. While the borrower plans on selling the property over the next year, he needed to quickly monetize his equity to close on a separate time-sensitive investment opportunity.
If the borrower were to refinance their first mortgage with a new lender, not only could it take months to close, but the closing costs alone would be significant compared to the relatively small amount of cash the borrower needed to pull out.
QuickLiquidity offered a quick and cost-efficient solution by providing the borrower with a second mortgage on the property. This saved the borrower a ton of money in refinance fees and allowed them to pull cash out of their property in a little over one week, all without an appraisal or a credit check.
“We help commercial real estate investors across the country who have a significant amount of equity in their property but few ways to quickly monetize it”, says A. Yoni Miller, Principal of QuickLiquidity. "We creatively tailor our subordinated debt to let them unlock their trapped equity without disturbing their existing first mortgage."
Have questions regarding subordinated debt such as a second mortgage or mezzanine financing? Give us a call right now at 561-221-0881.
