NEW YORK, NEW YORK – January 24, 2023 – Source Realty Capital, a New York-based private real estate lender and commercial loan broker, has originated a $1,965,000 long-term rental loan to refinance a recently renovated three-family property in Crown Heights, Brooklyn. Source Realty Capital, through its network of brokers, real estate agents and borrowers, originates real estate loans for experienced real estate investors. These loans consist of both short-term bridge loans for investors looking to purchase and renovate properties, as well as long-term financing options for investment rental properties.
The 30-year, fixed-rate bridge loan was used to refinance the borrower’s bridge loan used to purchase the Crown Heights property, as well as provide the borrower with a significant cash-out that they intend to use for a down payment on their next investment property. The property was purchased in November 2021 for $999,999. Following the purchase, the borrower completed a roughly $700,000 renovation. The inside of the three-family property was completely gut renovated, with all three units updated with new windows, doors, bath rooms and gourmet kitchens. The owner also significantly improved the outdoor areas of the property, adding private spaces with a huge patio and built-in benches. Additionally, the owner restored the exterior of the property giving homage to its historical roots. These renovations significantly improved the value of this property from the time of purchase, allowing the owner to get a cash-out from the refinance. Source Realty Capital also originated the borrower’s bridge loan for the purchase and renovation of this property.
“We are very excited to be a part of this project. Our borrower did a topnotch renovation of this property and has set the standard for luxury rentals in Crown Heights.” commented John Femenia, founder and principal of Source Realty Capital. “When we started this project over year ago, we knew this borrower would do a great job with the renovation, but after seeing the finished product, they clearly exceeded our expectations. It’s no surprise that our borrower was able to achieve premium rental rates for this property.” further commented John Femenia.
ABOUT SOURCE REALTY CAPITAL
Source Realty Capital was founded by John Femenia in 2019 to capitalize on the need for private capital in the real estate industry. Source Realty Capital focuses exclusively on 1-4 family and small balance multi-family properties, carving out a niche for itself and effectively delivering capital to experienced real estate investors. Source Realty Capital has originated over $200 million of private money real estate loans.
Source Realty Capital’s founder, John Femenia, has over 15 years of finance experience. Prior to forming Source Realty Capital, John was focused on raising capital for the shipping and maritime industries, where he raised over $2 billion of equity and debt capital. At Source Realty Capital, John is focused on using his finance experience to assist real estate investors in raising capital for their deals. John has an undergraduate degree in engineering from the United States Merchant Marine Academy, and a MBA in finance Columbia Business School.
For more information about Source Realty Capital, please visit www.sourcerealtycapital.com or check out our blog.