Ruben Izgelov Of We Lend Provides $2,493,000 Construction Loan For Multifamily Conversion In Brooklyn

The transaction involves a value-add multifamily asset participating in a conversion from a single-family property to a 2-unit multifamily structure in Brooklyn. The asset is backed by a construction loan for a total of $2,493,000, which finances 90% of the purchase price and the complete construction budget.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,493,000
• Loan Type: Construction
• Loan Terms: 18 months
• Units: 2
• Lender: Ruben Izgelov - We lend
• Borrower: Returning client with 9 completed projects

The loan structured by We Lend supports the full scope of renovation and conversion, offering a clear exit through sale after the 18-month term. Ruben Izgelov serves as the lender for this transaction, facilitating the financing necessary for the borrower to execute their plan effectively.