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.