EMCAP Lending Funds Condo Conversion in Boston, MA - Hard Money
Investment Info:
Small multi-family (2-4 units) hard money loan investment.
Purchase price: $940,000
EMCAP Lending funded a 12-month private loan (hard money) in Boston, MA. The funds were used to refinance bank debt, payoff a partner, and provided $250k to fund the addition of a 3rd floor. The borrower is going to convert the units to condos and sell them individually.
What made you interested in investing in this type of deal?
Experienced borrower who had significant cash invested and the market for condos is strong in that area.
How did you find this deal and how did you negotiate it?
The borrower is a past contact of mine. We won the deal due to terms and overall service.
How did you finance this deal?
We funded the deal
How did you add value to the deal?
Quick close
What was the outcome?
To be determined
Lessons learned? Challenges?
Borrower buyout agreement took longer than expected.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We were the lender. No other parties involved, but the borrower.
