Lev Brokers secures $2.3m loan for Durham, NC Townhomes
In a rising rate environment, Lev secured the best financing available at unbeatable speed.
NEW YORK, August 9, 2022 /PRNewswire/ — Levthe business real estate financing platform (CRE), today announces the completion of a $2.3 million ready for a Durham, North Carolina multi-family property. The loan, structured by Lev’s Tyler Maffie, Matt Rubin and Lizzy Schlesigner, closing at a rapid pace thanks to Lev’s unprecedented matching technology, which uses AI to match borrowers with financing that meets their needs.
The property was purchased by a small family office type real estate investment company based in New York City is currently focused on expanding its presence in North Carolina and Texas. The transitional acquisition agreement was acquired by the borrower to carry out light renovations, increase market rents and stabilize, with a banking route allowing the borrower an IO period of 18 months for renovations, later converting to permanent fixed rate financing.
Although the borrower has existing CRE relationships within North CarolinaLev enabled a close that would not have been possible elsewhere in the current environment of rising rates, as many lenders avoid competitive terms.
“I am delighted that we are able to continue to exceed the expectations of borrowers and lenders in these processes,” said Yaakov Zar, CEO and co-founder of Lev. “Our technology speeds up the loan closing process for multi-family properties like these, even for borrowers with pre-existing relationships in their area.”
The 1.97 acre property is home to 19 townhouses in Durham, North Carolina. As the multifamily market remains competitive, Lev is a beacon in the market for competitive rates and quick loan closings.
Lev is the digital commercial real estate finance platform providing fast and transparent access to capital from the world’s leading financial institutions. having closed $1.6 billion in CRE mortgages to date, Lev has grown 10x year-over-year through its proprietary approach to CRE financing, including the industry’s only API. Founded in 2019, Lev has raised over $200 million with funding from Parker89, Cross River Digital Ventures, NFX, StepStone Group, Canaan Partners, JLL Spark, Animo Ventures, and Ludlow Ventures, among others. For more information, visit levcapital.com.