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Multifamily – Line of Credit

EL PASO, TX

$1,580,000

EL PASO, TX

 

Funding Purpose

Client had purchased this property 60% vacant. Did a bunch of renovations and leased the building up to 95% occupancy. Did not use any debt so the property was owned free/clear. We put a line of credit on the building so that he could use the cash if/when he wanted

Property Description

36 Unit multi-family building in El Paso, TX

Sponsors

Very experienced multi-family investor who owns most of his properties in Texas and Las Vegas

Challenges

  • Tertiary Market

Solutions

  • Were able to source a lender that was  local to the property and understood the boom going  on in the market

Funding

  • Interest Rate: 4%
  • Term: 5 Y
  • Recourse: Yes
  • Interest Only: Yes


Matt Bucaro

Matt Bucaro

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Senior Director, Capital Advisor

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