First Mortgage Loan | Term: 18 months
Industrial Property - Red Hook, Brooklyn, NY
Partially owner-occupied 22,500 sq. ft. one-story industrial building on Sullivan Street in Red Hook, Brooklyn. Owner occupies 8,600 sq. ft., runs a contracting / woodworking business and has 2 tenants, First mortgage loan. Red Hook, Brooklyn, NY1 with 7,500 sq. ft. paying $52,800 per year and the other with 6,400 sq. ft. paying $37,800 per year. Roof and sprinkler systems have just been upgraded utilizing the loan proceeds. Borrower was seeking to inject working capital into his business and to improve his credit profile during the loan term. Borrower plans to refinance before the end of loan term with conventional bank financing. The interest-only loan is being personally guaranteed by the principal.