A list of bridge loan lenders for commercial real estate in Reno Sparks, NV. The lenders in our directory offer bridge loans for a variety of CRE financing, including: acquisition, refinance, cash out, redevelopment, repositioning, recapitalization, 1031 exchange, discounted payoff (DPO), note purchase and other deal types.
In September 2019, RRA Capital funded a $5.5M bridge loan for a acquisition of a mixed-use commercial property in Reno, NV. The subject property is a three-story building. Two retail spaces occupy the 1st floor, with two floors of office space above, and a basement/lower level below. The Sponsor plans to improve the property by installing additional windows, renovating the lobby, and completing “white box” improvements to the interior spaces. The property was 69% occupied at the time of funding. As a repeat borrower, the sponsor was familiar with RRA Capital's process and was looking for similar execution. RRA was able to provide a 36-month interest-only loan, with two 12-month extensions, and closed within 30 days. Additionally, RRA’s loan structure provided funds for anticipated capital expenditures and leasing costs. As with all of our bridge loans, a personal guarantee was not required.
Archway Fund, a direct private mortgage lender, provided a $1,750,000 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 rents and eventually refinance with a perm loan. The interest rate on this bridge loan was 8% Interest Only fixed. 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.
In March 2016, Wilshire Finance Partners funded a bridge loan secured by an 11-unit office building in Reno, NV. This was a time-sensitive rate and term refinance of an exiting note that had reached maturity. The Borrower is an engineer who built the building in 1999. He has shown good pride of ownership and has historically good regional credit tenants. He recently lost two of his tenants and was unable to qualify for a bank loan. Wilshire stepped in and closed the loan in 10 days from receipt of application and provided an interest reserve to cover the delta in debt service coverage. The estimated value of the property is $3,400,000 so the loan-to-value for our 1st trust deed loan is 65%. After renting the vacant offices, the Borrower plans to refinance with a conventional loan within 2 years.