Deal Details
Private Loan Type
Purchase
Approx. Funding Date
06/26/2019
Property Type
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 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.