Deal Details
Private Loan Type
Commercial Property Value Add
Approx. Funding Date
08/30/2019
Property Type
Property City
Las Vegas
Property State
NV
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
65%
Building Square Footage
64,768
Interest Rate
8.25%
Deal Summary
Archway Fund, a direct private mortgage lender, provided a $6,400,000 1st lien position non-recourse bridge loan for the acquisition of industrial property in Las Vegas, NV. The property size is 64,768 square feet. The Sponsor needed a quick bridge loan for the purchase but also needed funds to renovate the property. They wanted to build out the warehouse for a cannabis tenant. Archway was able to get comfortable with the Sponsor’s intention to lease the property to a cannabis cultivation tenant. The interest rate on this bridge loan was 8.25%. The LTV was 65%, and the loan term was 12 months. 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.