Kendall arranges $2,100,000 first mortgage on Glenlake Apartments. The property was original rehabbed at a cost of close to $5,000,000 but the condo lender Private Bank discounted the loan by $1,000,000 and released another $500,000 from the property loan.
The borrower was given 12 months to receive a discounted pay-off from the original condominium construction lender.
Kendall arranged a loan and it closed within two month from the signing of the bank agreement.
