SilverLeaf Financial announced that it has recently acquired two new loans. One of these loans is a $7 million face-valued loan in Jacksonville, Fla., secured by an 83-unit condo complex.
This property, originally an apartment complex, was purchased by the borrower in 2006 and converted into 219 residential condos. The borrower was able to sell off all but 83 units.
The borrower chose not to sell those units because of the current economic situation and the condo market, and instead has chosen to rent the remaining units. All but two units are currently rented.
The second loan SilverLeaf purchased is located in Utah and is an acquisition and development loan secured by 69 developed and improved residential lots, along with a duplex in Farmington, Utah. This is the first loan Salt Lake City-based SilverLeaf has purchased in its home state.
SOURCE: SilverLeaf Financial