Reno Bridge Lenders for Commercial Real Estate
Are you seeking short-term financing secured by commercial real estate in the Reno metro area? On this page you'll find a list of select CRE Bridge Lenders that can finance a Reno property purchase, 1031 exchange, refinance, or equity cash out in 1st lien position. We have a separate page for lenders that can fund a rehab / value-add project. The maximum loan-to-value for most CRE bridge loans is 70%, and some lenders can go up to 75% for retail and industrial properties. The max LTV is typically much lower for office, hotels, and specialty property types.Searching...
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Completed CRE Bridge Loan Transactions in Reno
Archway Fund, a direct private mortgage lender, provided a $1,750,000 1st lien position non-recourse bridge loan for the acquisition of an 18-unit apartment building in Reno, NV. The Sponsor was doing a 1031 exchange and needed a quick bridge loan. The subject property had been mismanaged, and rents hadn’t been increased in over 15 years. Archway was able to fund quickly without an appraisal or a DSCR requirement. We held back 100% of the rehab budget of $550,000 which enabled the Sponsor to buy out tenants and renovate the units. They plan to increase rent and eventually refinance with a perm loan. The interest rate on this bridge loan was fixed at 8% Interest. We charged an origination fee of 2 points. The LTV was 60%, and the loan term was 24 months. As with almost all of our deals, the Sponsor did not have to personally guarantee the loan. This bridge loan was funded in August 2019.