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hedge fund for apartment loans

February 13th, 2014 9:23 AM by Chuck Green

Recently, one of our hedge fund partners has stepped forward with an appetite for medium to large apartment (multi-family) loans. They prefer loan sizes in excess of $1,000,000 but they can lend at up to 78% LTV, and are less concerned about debt service coverage. They offer rates generally in the low fives to mid sixes (depending upon location and property condition). Amazingly, these folks can close an apartment loan in less than ten days, and require minimal documentation. Plan on paying 2 points. Foreign Borrowers are usually accepted, even with no US tax returns, and no US credit. Overseas funds are fine if they can be verified. Our rep claims that this fund closed a commercial apartment loan in less than 24 hours in 2013.
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Posted by Chuck Green on February 13th, 2014 9:23 AM