$3.1M Hard Money Pawtucket, RI
For this $3.1 Million transaction, the challenge was making sure the project stayed on time with the tasks for the 18 month term of the loan. Building the exit strategy for them to get permanent financing or selling the whole project
Loan Details
Property Type: Multi-Family Residential
Loan Type: Hard Money
Loan Amount: $3,100,000
LTV: 50%
Closing Timeline: 60 days
Collatoral: 2 buildings & empty lot (Complex into 10 condominiums, was a school into 22 units condominiums, empty lot into 100 unit condominiums). Loan was used to build the 10-unit condominiums and to get the other project started for the school conversion, and for the other permits.
The Challenge
The challenge was making sure the project stayed on time with the tasks for the 18 month term of the loan. Building the exit strategy for them to get permanent financing or selling the whole project!
The Solution
PCC worked with the borrower to structure a hard money deal with private investors, allowing the transaction to close in 60 days.
When Your Bank Says “No.”, PCC Says “Yes!”
Financing a Portfolio of Rental Properties?
Whether you’re acquiring new assets or refinancing an existing portfolio, Providence Commercial Capital can help you evaluate the right financing structure for your investment strategy.