A local non-profit owns a 10-unit multi-family building in a desirable in-fill location close to Charlotte CBD. The property is zoned Commercial / Office with an exemption for low-income housing and is currently being operated as a recovery center for chemically dependent adults and families. With significant equity in the land, the Sponsor has decided to sell and is seeking a cash-out refinance to provide working capital funds during the marketing period.

Southeast Bridge Capital committed to $750K in loan proceeds, with $200K funded upfront. There is currently a $540K first mortgage on the property from another lender which will be subordinated after closing. Southeast Bridge Capital agreed to fund the additional $550K after subordination, ensuring approx. 63% LTV pre and post-subordination.

Sponsor will immediately list the property for sale. While current operations allow for low-income housing, the value is in the land. BPO indicates a value of $1.2MM (63% LTV). The property is in an excellent location and is expected to sell quickly. A $750K basis would be extremely desirable in the event of a foreclosure.