McLeod Capital Fund Provides $500K Refinance Loan For Bronx Multifamily Property

A multifamily property located at 314 E. 187th St. in the Bronx has recently undergone a refinancing transaction. The property spans approximately 1,748 square feet and consists of two units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $500,000
• Market: Bronx
• Loan Type: Refinance
• Loan Terms: DSCR 1.0 30 yr Fixed

The lender for this transaction was McLeod Capital Fund, while the landlords of the property are Beverly Fisher and Langdon Fisher.

The loan provided by McLeod Capital Fund amounted to $500,000 and offered a refinancing option with a DSCR of 1.0 and a 30-year fixed term. The borrower, who was house rich but lacked liquidity, was able to utilize the cash-out option provided by the lender. This allowed them to use the cash as reserves and pay off the mortgage on their primary home. McLeod Capital Fund, a private lender and nationwide mortgage broker, successfully facilitated the transaction.