Funding Purpose
Bridge Loan to take out maturing debt and cover TI and lease up expenses for 60% vacancy.
Property Description
13,925 foot 3 Story medical office building.
Sponsors
Experienced Los Angeles based investor/developer.
Challenges
- 60% vacancy at the start of Covid.
- Cashflow did not support recap with permanent financing
Solutions
- Secured bridge funding 18 Months term 50% LTY
Funding
- Loan Amount (LTV) 50%
- Interest Rate 6.99%
- Term 18 Months
- Recourse Full
- Interest Only 18 Months
