According to Mark Bahiri, managing partner of Emerald Creek Capital, the lending company closed an $800,000 loan on nine newly constructed townhomes known as Chelmsford Weald.
This loan opportunity arises from the need by the borrower to refinance his existing mortgage. After selling off the majority of the townhomes, the borrower had reduced the principal balance. The nine townhomes appraised for $1.8 million or $200,000 per unit putting Emerald Creek at a 44% loan-to-value.
The complex encompasses a total of 36 townhomes ranging in size from 1,175 - 1,569 s/f. This loan was originated by senior VP, Mike Cleaver, and featured a one year term with no prepayment penalties.
Emerald Creek Capital is a direct bridge lender based in Manhattan that provides short-term loans secured by commercial real estate. Their financing is fast, flexible, and catered towards the specific requirements of each client. Emerald Creek Capital provides loans to borrowers who are experiencing liquidity constraints, as well as those who are looking to take advantage of time-sensitive opportunities.
At Emerald Creek Capital, their seasoned staff, innovative business plan, extensive address book, and strong investor base places them at the forefront of the bridge lending market. With experience come relationships, which form the backbone of the company. At no time in economic history has a substantial list of friends been such an important ingredient to success.
For more information, please visit www.emeraldcreekcapital.com. Tags: