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iBorrow Provides $3.75 Million Loan to Refinance Memphis Multi-Family Complex

Los Angeles, CA— iBorrow has provided a $3.75 million loan to refinance a 200-unit townhome complex comprised primarily of two-bedroom units located in Frayser, a community in North Memphis, Tennessee.

Originally built in 1975, the complex went through an extensive $3 million renovation in 2008, and now features amenities such as a clubhouse, fitness center, swimming pool, tennis court, playground and business center.

“We felt comfortable making a loan on this property because of the high occupancy rate and substantial cash flow, along with the low loan to value,” said iBorrow CEO Brian Good. “The borrower’s experience with large multi-family projects and the attractive renovations furthered our decision to move forward with the loan.”

The borrower acquired the property out of bankruptcy in March 2015 and subsequently invested $300,000 to stabilize it.

“Despite the fact that the borrower and the property are bank-worthy, the borrower was not able to obtain a bank loan due to the regulatory constraints,” Good said. “We are happy to continue to fill the void for institutions that aren’t willing to lend on good real estate.”

With extensive experience across a range of management responsibilities, including property management, real estate investing, business planning, operations, marketing and development, the borrower’s expertise has allowed the property to double its occupancy and improve net operating income.

Funding in as few as 14 days

iBorrow closes deals quickly and reliably within 2-4 weeks. Contact us to learn more or apply today!

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