Chicago, IL

$2,550,000

Multifamily

Refinance

06/24/2019
Transaction by
Watermarq Capital Partners
Watermarq Capital Partners funded a $2,550,000 bridge loan secured by two multifamily properties in Chicago, IL. The Borrower was facing foreclosure on both buildings and needed a private lender to bail them out with a short-term refinance bridge loan. The buildings are in good condition and have a total of 60 apartment units. We were able to work with the foreclosure situation and focus on the assets, which had plenty of equity. We funded this challenging loan is just 3 weeks. The LTV on our loan is just around 55%. The loan term is one year. The Borrower plans to refinance with permanent financing. This bridge loan was funded in June 2019.