Real Estate Lending with John Femenia

  John Femenia , found of Source Realty Capital , recently closed a 10-property portfolio deal in Hollywood, Florida for one of John’s repeat borrowers.  The borrower came to SRC after another lender wasn’t able to close the deal. This left us a limited amount of time to get the deal done, as the borrower had over $500,000 deposit on down on the property that had already gone hard. Deal Overview The borrower was purchasing a 10-property deal consisting of nine properties that ranged from 2-4 families, and one 6-family property.   The total unit count of the deal was 36 units.    The deal was split up on two different contracts.   Each contract was for $2.6 million, for a total of $5.2 million.   The  borrower put down 10% on each contract, for a total of $520,000.   The properties were 100% leased.   The cap rate for this deal was 6.5%.   Timing The borrower came to John Femenia in mid-December looking to close this deal. The borrower had a TOE for January 16, 2023.   Not on