A 6-unit residential asset in West Palm Beach close to downtown and Brightline station.
LOAN AMOUNT
$1,420,000
Owner needed capital to install impact windows and new individual electric meters.
Provided $1,420,000 commercial refinance with $180,000 in renovation escrow.
The Outcome
Utility sub-metering reduced operating expenses by $8,400/year, boosting property value by $140,000.
Deal Highlights
LOAN AMOUNT
$1,420,000
PROPERTY VALUE
$1,950,000
MONTHLY RENT
$12,600
DSCR RATIO
1.33
LTV
73%
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