Acquisition Bridge Loan for Vacant Mixed-Use Property in Hollywood, California

Funded by Archway Capital

$2,670,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

06/26/2019

Property Type
Mixed-Use
Property City

Hollywood

Property State

CA

Loan Term (months)

24

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Purchase Price

69%

Borrower's Contribution to Purchase

31%

Source of Borrower's Contribution

Cash

Interest Rate

8.5%

Deal Highlights

As with almost all of our deals, the Sponsor did not have to personally guarantee the loan.
Very quick closing timeline, with no recourse.

Deal Summary

Archway Fund, a direct private lender based in LA, provided 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, with 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 purchase bridge loan was funded in June 2019.

Funded By

Archway Capital

National Non-Recourse Bridge Loan & Equity Provider