urgently need a bridge or non-conventional loan
I own a condo apartment on the Upper East Side in Manhattan NYC. technically it is owned by an llc that is owned by my trust, I and my brother are the trustees and beneficiaries of the trust and also owners of the llc.
There is a bridge loan on the apartment and it needs to be refinanced ASAP.
The loan is about $850k and the total value of the apartment is $1.3M
I plan on paying down the loan to 750k prior to or at the time of the closing, or spending the 100k I have in cash to refi the $850k.
I'm the majority shareholder of a company that is going public by mid October of 2024. I anticipate that I will have more than sufficient liquidity to pay down no less than $300k of the loan.
The goal is at the time of refinancing the LTV will be no more than 60% of the property value.
Unfortunately none of the people involved in the deal have good credit at the moment however, the property does generate $7,000 in rent, which can maybe increase to as high as $10K-13k if rented furnished to a traveling professional tenant in 1-2 months.
I need a solution as soon as possible as the loan I have now has undesirable terms.
Please email me back ASAP
Anton