Non-Recourse Bridge Loan for Multifamily Refinance in Warr Acres, Oklahoma

Funded by Archway Capital

$2,200,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

08/16/2018

Property Type
Multifamily
Property City

Warr Acres

Property State

OK

Loan Term (months)

12

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Value

68%

Occupancy at Closing

Partially Occupied

Number of Units

138

Interest Rate

9.0%

Deal Highlights

No appraisal required.
Borrower did not have to personally guaranty the loan.

Deal Summary

Archway Fund, a direct private lender based in LA, provided a $2.2MM refinance loan secured by a 138-unit, tax-credit, 90% occupied, apartment complex located in Warr Acres, Oklahoma. The loan-to-value was 68%. Cash flows break even due to the fact that the subject property is a Section 8 property and is 55% subsidized by OHFA. Archway was able to get comfortable with the tax-credit restrictions, build in an interest deficit reserve to cover the shortfall and close the gap until the property sells. The Borrower’s note was coming due and needed an expedited close. The interest rate was 9.0% with a 12-month term. No appraisal was required, and the Borrower did not have to personally guaranty the loan. This non-recourse refinance bridge loan was funded in August 2018.

Funded By

Archway Capital

National Non-Recourse Bridge Loan & Equity Provider