Source Realty Capital Originates $1.266 Million Bridge Loan for Property in Atlantic Highlands, NJ
ATLANTIC HIGHLANDS, NEW JERSEY – JUNE 21, 2023 – Source Realty Capital, a New York-based private real estate lender and commercial loan broker, has originated a $1,266,000 bridge loan to purchase and renovate a residential property in Atlantic Highlands, NJ. Through its network of brokers, real estate agents and experienced borrowers, Source Realty Capital originates short-term real estate bridge loans for real estate professionals looking to purchase and or renovate investment properties. Source Realty Capital also provides long-term financing options for investment rental properties, loans typically called “DSCR” loans.
The 18-month, fixed rate bridge loan was used to purchase the Atlantic Highlands property, as well as provide the borrower with the money necessary to complete the renovations of the house. This property is located in the heart of Atlantic Highlands and has sweeping views of New York City and Sandy Hook. The property was purchased for $1,600,000 from the estate of its previous owners. The property needs a full cosmetic renovation, including a new roof, siding, drywall, kitchen, and baths, as well as refinishing the floors, painting and landscaping. The total cost of the renovation will be just about $266,000. Our borrower that purchased this property is an experienced architect that has bought, renovated and sold multiple properties in the area.
“We’re excited for our borrower’s purchase of this property in Atlantic Highlands. It’s a truly unique property with amazing views on NYC”, commented John Femenia, founder and principal of Source Realty Capital. “Given our borrower’s extensive background in architecture, we’re excited to see the finished product. He will no doubt be able to unlock the properties full potential.” 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. By focusing exclusively on 1-4 family and small balance multi-family properties, Source Realty Capital has been able to carve out a niche for itself and effectively deliver capital to experience 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 MBA in finance Columbia Business School.
Media Contact
Company Name: Source Realty Capital
Contact Person: John Femenia
Email: Send Email
City: Greenvale
State: NY
Country: United States
Website: www.sourcerealtycapital.com
