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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/27/2019
Property Type
Property City
North Hollywood
Property State
CA
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
60%
Building Square Footage
20,165
Exit Strategy
Refinance
Interest Rate
7.75%
Origination Points
1%
Deal Summary
Archway Fund, a direct private mortgage lender based in LA, funded a $2,626,000 1st lien position non-recourse bridge loan for the acquisition of a 20,165 square foot industrial property in North Hollywood, CA. The Sponsor was a repeat client needing private financing in order to meet a purchase deadline and secure the property for lower than the listing price. Archway was able to meet its deadline which allowed the Sponsor to close quickly. The property was 90% leased, with multiple tenants. They plan to do some light value-add work and get the property up to 100% occupancy. Their exit strategy is to refinance with permanent debt within the 6-month loan term. The interest rate was fixed at 7.75%. We charged an origination fee of 1 point. The LTV was 60%. As with almost all of our deals, the Sponsor did not have to personally guarantee the loan. This bridge loan was funded in September 2019.
Funded By
Archway Capital
National Non-Recourse Bridge Loan & Equity Provider