Boca Raton, FL, January 24, 2023: QuickLiquidity, a direct lender for commercial real estate, has announced that it has closed a loan secured by a 50% tenants-in-common (TIC) interest.
The TIC owns an 8-unit apartment building in a prime location in Miami Beach, FL. The property is owned completely free and clear, without any debt.
The TIC is made up of two relatives, each owning 50% of the property. Unfortunately, the relatives do not get along and because of this the property is being mismanaged.
Our borrower was forced to file a partition action in court to try and force a sale of the property. Their hope is that once they sell the property, each relative will receive their share of the sale proceeds and then they can go their separate ways. Partition actions can sometimes take years to settle though and in the meantime the borrower desperately needed liquidity.
QuickLiquidity offered the borrower a solution by providing a loan secured by his 50% illiquid and non-controlling tenants-in-common interest. This allowed the borrower to receive the working capital he needed while he continues to fight the partition action in court, all while maintaining complete ownership of his TIC interest and any future property appreciation.
"We’ve created an innovative loan program to help asset rich, but cash poor investors unlock their trapped equity. Whether they are a passive investor or the sponsor who put the deal together, our financing can provide them with immediate liquidity to keep growing their portfolio.” says A. Yoni Miller, Principal of QuickLiquidity.
Have questions regarding loans secured by LLC interests, LP interests, TIC interests, or DST interest? Give us a call right now at 561-221-0881.
