Deal Details
Private Loan Type
Purchase
Approx. Funding Date
07/31/2019
Property Type
Retail
Property City
Escondido
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
70%
Rate Type
Fixed
Occupancy at Closing
Vacant
Interest Rate
8.75%
Origination Points
2%
Deal Summary
Archway Fund, an alternative investment manager, provided a $4,625,000 1st lien position bridge loan for the acquisition of an 11,000-square-foot retail property in Escondido, San Diego County, CA. The Sponsor purchased the vacant property with plans to build it out for a national car rental company as their executed tenant. Their exit strategy is to season the property under new ownership & management and then refinance with SBA or conventional financing. The loan-to-value was 70%. The interest rate on this bridge loan was fixed at 8.75%. We charged an origination fee of 2 points. The loan term was set at 12 months. This private mortgage was funded in July 2019.