- Loan Amount: $12,645,000
- Loan Term: 24 Months
- LTV: 70%
Bridge Loan For Multifamily
- Loan Type:
- Bridge Loans
- Loan Amount:
- Loan Term:
- 3 Years
- Interest Only
• The borrower was looking for a $9,400,000 acquisition loan to renovate this 199-unit multifamily property located in Memphis, TN.
• At closing, occupancy was 55%,the borrower plans on using the capital to renovate the property. Renovations include the interior, exterior, and property amenities to lease up the units and stabilize the property.
• The borrower was looking for a quick close with certainty of execution on this acquisition.
• Speed and certainty were important components to this closing. Money360 provided the borrower with a custom-tailored loan solution that would help them achieve their business goals.
• The loan structure includes future funding and CAPEX for property renovations, and a three-year term with an additional two (2) 12-month extension options.
• The borrower has experience in renovating and stabilizing multifamily properties in this market. Money360 knew capital would help the borrower accomplish their business objects with the right loan structure.
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