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This is an existing condo project, 60 units. It was converted from apartments to condos. There have been 11 sales and thr project was recently FHA approved and sales are picking up. The recent appraised value of the project is $4,950,000. We are looking for a $3m loan with releases as sales close. 100% of net proceeds from sales would go to pay down the loan. With current sales we would estimate that the loan would be paid off in 12 to 18 months. Please direct lenders only.
Edgewater Funding Inc.