Picture1Pacific Private Money recently funded a 75%LTV, 21-unit apartment building purchase in Richmond.The property is well situated near transportation and other amenities and is in an area seeing high current demand for rentals. At market rents, this property should value at or near $2 million. Recent upgrades to the property include hardwood flooring throughout. The borrower is an experienced multi-family real estate investor and commercial mortgage broker with over $4.4 million in real estate owned. He has a net worth of over $2 million and great credit (726 mid-score). Current gross rents are $12,600 (significantly below market) with market rents suggested at $19,600 monthly. The current rents prevented the borrower from financing conventionally. Pacific Private Money sourced private money and funded this purchase.