Recently Closed Transactions – Michigan, New Jersey & New York
This month, we are highlighting partial cash-out deals that have closed in the last 30-days from our single-family and multi-family lending programs in programs in Michigan, New Jersey and New York.
Vacation Home Foreclosure
We recently made a loan for $2,700,000 on a single family vacation home in South Hampton, New York. The house was in foreclosure and the borrower, who had a sub-600 FICO score, was at the end of the foreclosure process. DRI was able to evaluate the situation quickly and provide a loan for 65% LTV with a 1-year loan term and an exit strategy to sell the home. The borrower was very pleased with the speed of approval and favorable terms.
DRI was approached for a loan on 2 unoccupied commercial buildings in a redevelopment zone located in Bound Brook and Plainfield New Jersey. The borrower had a sub-600 FICO score and in serious jeopardy of losing the buildings due to unpaid real estate taxes. The buildings were already in foreclosure, so we had to move quickly towards closing. We were able to expeditiously approve a blanket mortgage for 60% of combined appraised value for 2 years.
An investor with a mid-600 FICO score contacted us for a cash-out on 2 multifamily buildings in Michigan. The buildings were fully occupied with a 1.20 debt service coverage ratio, but the town in Michigan had a population of less than 2,000 people. DRI has an office in Michigan and we were able to immediately see the value in the deal, despite the small rental pool. We loaned $360,000 on the properties with a loan to value of 65% and a 5-year term with a 30 year amortization.
We are a private lender with flexible lending solutions for real-estate investors. Our rates start as low as 6.99% for a 3 year term on investment properties.