Hollywood, CA

$2,670,000

Mixed-Use

Purchase

06/26/2019
Transaction by
Archway Fund
Archway Fund recently financed a $2.67M bridge loan for the acquisition of a vacant mixed-use commercial property in Hollywood, CA. The Sponsor required private money to afford them the time and flexibility to pursue multiple take out options, including renovation and lease up, or spec development. The property is on a corner lot, at a busy intersection, and it has a lot of potential. The loan-to-value was 69%. The Sponsor put down 31% of the purchase price in cash at closing. The interest rate on this bridge loan is 8.5%, and the loan term is 24 months. We were able to provide an interest reserve as well as renovation financing on a very quick closing timeline, with no recourse. As with almost all of our deals, the Sponsor did not have to personally guarantee the loan. This bridge loan was funded in June 2019.