Self-employed, strong credit score borrower was seeking a business purpose cash out refinance loan to refinance the existing loan on this multi-family property. Borrower has owned the property since 2009.
Subject is a 100% occupied property which consists of 3 parcels totaling 23,161 square and is located on a commercial/residential street. The Property is an 18-unit multi-building, multi-parcel apartment property which consists of a 14 unit property and 2 Duplex properties. Each building offers good quality class “D” construction. The property was renovated in 2012 to include new paint, security bars, security fencing, interior flooring, cabinets, baseboards, toilets, faucets & fixtures & ceiling fans. On-site parking consists of 18 asphalt paved spaces.