QuickLiquidity has announced the closing of a $1 million third mortgage on a 128-unit affordable housing apartment community located in Hammonton, NJ.

DELRAY BEACH, FL, USA, February 17, 2022 /EINPresswire.com/ -- QuickLiquidity, a direct lender for commercial real estate, has announced the closing of a $1 million third mortgage on a 128-unit affordable housing apartment community located in Hammonton, NJ.

The property has an existing combined first and second mortgage of around $3.6 million and is estimated to be worth around $8 million. This puts the borrower’s first and second mortgage at an estimated 45% loan-to-value with $4.4 million of equity in the property.

The borrower needed quick capital for a separate time-sensitive commercial real estate transaction.

If the borrower were to refinance their existing loan, it could take months to close.

QuickLiquidity offered a quick solution by leaving the existing mortgages in place and providing the borrower with a third mortgage on the property.

This loan was closed without a new appraisal and without any credit score requirements.

“We have found that a lot of commercial real investors are asset rich but liquidity poor”, says A. Yoni Miller, Principal of QuickLiquidity. "We creatively tailor our subordinated debt to let them unlock their trapped equity without disturbing their existing first mortgage. This provides them access to much-needed capital they need to continue growing their portfolio."

ABOUT QUICKLIQUIDITY, LLC:

QuickLiquidity is a direct lender for commercial real estate nationwide. Helping our borrowers with time-sensitive and complex transactions is at the heart of what we do every day. Our success is not only determined by the returns we generate, but by the relationships we build. Our investment strategies include first mortgage bridge loans, second mortgages, mezzanine financing, and providing liquidity to minority interest owners in real estate partnerships through either purchasing or lending against their ownership interest. Learn more by visiting https://www.quickliquidity.com.

QuickLiquidity, LLC
QuickLiquidity
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