Bridge Loan For Multifamily Property

Loan Type:
Bridge Loan
Loan Amount:
$2,302,500
Loan Term:
1 YR
Amortization:
Interest Only
Recourse:
Non-Recourse
LTV:
70%

Challenges

• Borrower needed a rate/term refinance loan.
• Borrower was facing a maturing loan on a 112 unit, 82,432 square foot multifamily property in Memphis, TN.
• In addition to paying off the current lender, the borrower required proceeds for tenant improvements in order to properly execute their business plan.

Solutions

• Money360 was able to pay off the existing lender and provide funding for capital expenditures and tenant improvments/leasing commissions(TI/LC).
• Money360 has a longstanding relationship working with this broker who trusted we would execute with a timely close.

Ken Wood

Money360

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