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 the Southern US.
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
