Multifamily Property In Lexington, KY

Loan Type:
Bridge Loan
Loan Amount:
$3,300,000
Loan Term:
2 YR
Amortization:
Interest Only
Recourse:
Recourse
LTV:
73%

Challenges

The borrower was trying to refinance out of a higher interest loan. Money360 provided a lower rate than their current lender. The borrower was trying to get a loan as a Class C property.

Solutions

We took the time to get comfortable with the deal and were able to structure the loan that allowed the borrower to get the deal funded quickly. The deal structure enables the borrower to rehab the property to get higher rents once the property has been rehabbed. The borrowers plan to stabilize the property over the next couple years and get agency financing.

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