The borrower currently owns the Medoza Dela Casa apartments located in Augusta, GA- a major class A commercial location. The apartment is an 80-unit complex, comprised of 5 different buildings. The Borrower is refinancing a current mortgage in order to complete the renovations on the property. The Borrower is unable to get conventional financing until all the units are complete and approved by the City, which is estimated to take 3-4 for approval. Red Oak will be retaining the final rehabilitation funds to be paid to contractors.
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