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August Successful Funding
Essencap successfully provide a cash out refinancing on a $1.49 million mixed property in Midwood, Brooklyn, NY

Essencap provided a 5 year term loan continues rolling for 20 years. Meaning the loan reset every 5 year until the loan is mature and pay off as schedule. The subject consists of a 2,100+ square foot site. Surrounding improvements are mid-rise, which has shown that it is possible to build on the site. The subject property is located in a R6 Residential District with a C1-2 Commercial Overlay; this zoning designation permits residential, and commercial improvements.The subject consist of a three-story, and cellar, mixed-use walkup apartment building with 5 apartments and one store. 

The Midwood neighborhood is a stable middle-income neighborhood. It is bounded on the north by the Bay Ridge Branch tracks just above Avenue I and by the Brooklyn College campus of the City University of New York, and on the south by Avenue P and Kings Highway.
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Issues in refinancing and cash out. 

On the residential market.....

On August 13, "consumers will have to pay more to refinance their mortgages after Fannie Mae and Freddie Mac announced that they are raising fees for lenders on the loans. The price adjustment adds 0.5% of the loan amount to the consumer’s cost. That amounts to $1,400 on the average mortgage originated today. It will begin in September, which means it will basically apply to all refinances that aren’t already in process."

However on Aug 25, "the Federal Housing Finance Agency has instructed Fannie Mae and Freddie Mac to hold off on the implementation of a new fee that is aimed at covering losses caused by the coronavirus pandemic."

Little known to the residential market, the interest rate in commercial real estate always price with larger spreads.

In the conforming primary home market, for the primary home we see rate at 2.625% fixed for 30 year. For investment property under the FNMA/FHLMC start at 3.25% for 30 year fixed. However FNMA/FHLMC has been restricted cash out on refinancing on investment property. FNMA/FHLMC much appreciate if the transaction is rate and term, but borrower is much harder to get cash out on their investment property.

In the commercial market, a number of lenders do not offer cash out refinancing on commercial property. We are continues to provide cash out refinancing without issue.

Our rate start at 3.875%. Can be a 10 year fixed rate term loan.

Apartment building
Office building
Strip mall
Single tenant property
Construction type client

The Federal Government’s fiscal year ends September 30th. We are seeing a ton of small government contractors with purchase orders they need to fill, but they don’t have the capital to purchase what they need.

Government contracts are being funded by us as quickly as 24 hours.

If you or your associates are looking for $25,000,- $250,000 to complete a contract please send me an email.

Happy to help new and experienced contractors continue to service our government.
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Essencap Funding LLC · 45 Middle Neck Rd Ste 220 · Great Neck, NY 11023-2124 · USA

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