Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/30/2019
Property Type
Property City
Tampa
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Loan-to-Value
65%
Occupancy at Closing
Partially Occupied
Interest Rate
8.5%
Origination Points
2%
Deal Summary
Archway Fund, a direct private mortgage lender, financed an $8.1M 1st lien position non-recourse bridge loan for the purchase of a medical office building in Tampa, FL. The property was 86% occupied, and the largest tenant is the US Air Force, which had recently executed a long-term lease. The Sponsor was working with a credit union to secure financing for the purchase, but they could not close in time. Archway stepped in and closed the deal in 9 days. The interest rate on this bridge loan was fixed at 8.5%. We charged an origination fee of 2 points. The LTV was 65%, and the loan term was 12 months with 3 months of guaranteed interest. As with almost all of our deals, the Sponsor did not have to personally guarantee the loan. This bridge loan was funded in August 2019.