FARM Development provided a $700,000 loan to a property owner in the Hell’s Kitchen neighborhood in Manhattan, NY. The loan carries double digit preferred return and a significant equity kicker in the two apartment buildings that serve as collateral.
The owner was in immediate need of capital for a new acquisition and due to legal constraints was not able to tap into the equity he has in the two buildings.
No other bank or private lender was willing to make the loan.
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