Tauro Capital Advisors, Inc. was engaged on an exclusive basis to source financing to complete the renovation of a Multifamily property located in the southern, US.
The asset is 132 units, and they began renovations at the end of 2022 slowly increasing the occupancy rate.
The sponsor acquired the property in 2019 and has drastically decreased the vacancy rate. He’s an experienced investor with over 10 years in the southwestern US.
- Sponsor was looking to obtain a mid-construction bridge loan to complete the remaining renovation of 46 units and provide cash-out.
- Funding secured with a finance provider that was able to provide roughly $1,000,000 of cash-out to the sponsor and $2,000,000 in a hold-back to complete construction.
- Loan to Value: 65%
- Interest Rate: 9%
- Term: 2 years
- Amortization: Interest-Only
- Prepayment: 6 months minimum interest
- Recourse: Non-Recourse