Two Multi-Units, Irvington Refi
This is a prefunded refinance only opportunity for two Multi-Family Residential properties in New Jersey. The subject property addresses are 37 Frederick Terrace, Irvington, New Jersey and 282 Nesbit Terrace, Irvington, New Jersey.
The borrower is requesting a loan of $314,000 in order to refinance both underlying properties. There is no renovation needed and the properties are currently 100% occupied generating $8,724 per month of rental income. The borrower plans to refinance within 1 year.
37 Frederick Terrace
- As-Is Value: $170,000
282 Nesbit Terrace
- As-Is Value: $400,000
An independent third party appraisal shows an As-Is Value of $170,000 for 37 Frederick Terrace and an As-Is Value of $400,000 for 282 Nesbit Terrace. The combined LTV ratio is 55.09% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding both underlying properties in this area of Irvington is stable and supply and demand are in balance.
37 Frederick Terrace was built in 1923, located in the metropolitan neighborhood of Irvington, New Jersey. The property has 2 units, equivalent to 13 rooms comprised of 7 bedrooms and 3 bathrooms, with a gross living area of 2,450 sq. ft. on a 3,000 sq. ft. lot. The property is near schools, shopping, parks and recreation.
282 Nesbit Terrace was built in 1930, located in the suburban neighborhood of Irvington, New Jersey. The property has 6 units, equivalent to 22 rooms comprised of 11 bedrooms and 6 bathrooms, with a gross living area of 6,250 sq. ft. on a 6,264 sq. ft. lot. The property is near schools, shopping, parks and recreation.