Closed Loan in White Plains, NY
Property Type: Restaurant & Bar
Purpose: Cash-Out Refinance
Loan Amount: $2,000,000
LTV: 36%
Product: 5-Year ARM
Interest Rate: 8.875%
Loan Program: Owner-Occupied Bank Statement
In this deal, the borrower was looking to take cash out of their restaurant property in White Plains, New York.
While traditional lenders may be hesitant to lend on restaurants and bars, Silver Hill Capital offers a wide range of solutions that make sense for restaurant investors and business owners.
Thanks to our Owner-Occupied Bank Statement program, the borrower in this transaction was able to qualify for financing based by producing 12 consecutive months of business bank statements in lieu of personal tax returns. After reviewing the bank statements, Silver Hill’s team were able to determine that the business generated sufficient income to cover the debt.
