$19 Million | Multifamily
Seattle, WA
- Loan Amount: $19,000,000
- Loan Term: 24 Months
- LTV: 68%
Bridge Loan For Multifamily Properties
- Loan Type:
- Bridge Loan
- Loan Amount:
- $16,000,000
- Loan Term:
- 3 Years
- Amortization:
- Interest Only
- Recourse:
- Non-Recourse
- LTV:
- 67%
Challenges
• Our borrower was looking to purchase two multifamily properties, totaling 393-units, in Montgomery, Alabama. They were looking to renovate the units and to increase occupancy since more than 1/3 of the units had been vacant for more than a year.
• They needed a lender that was willing to take the time to understand the condition of each building and structure a loan that would allow them to fully execute their business plan.
• The borrower was looking for certainty of execution with this purchase.
Solutions
• We took the time to understand our borrowers needs and created a flexible loan structure that provided the borrower capital for Capex and unit renovations so they would be able to lease up the units.
• We worked with the borrower through the entire purchase process and gave them the peace of mind we would execute as promised.
• We were comfortable with the sponsor’s experience and knew that we could help them successfully execute their business plan.
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