Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
11/29/2019
Property Type
Property City
Hillburn
Property State
NY
Loan Term (months)
36
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
50%
Interest Rate
6.99%
Origination Points
2%
Deal Summary
Archway Fund, a direct private mortgage lender, funded a $3,645,000 1st lien position non-recourse bridge loan secured by an industrial property in Hillburn, Rockland County, NY. The Sponsor needed to quickly cash out $2,000,000 in equity on this property to use for another investment property purchase. The subject property is ground leased to a waste management company. With 8 years remaining on the lease, Archway was comfortable with the unique nature of the property. And the loan-to-value was only 50%. We paid off the previous lender and provided the cash-out funds in just 10 days. The interest rate was fixed at 6.99%We charged an origination fee of 2 points. The loan term was set at 36 months. The Sponsor plans to pay down the loan in cash or refinance back into a bank loan. As with almost all of our deals, the Sponsor did not have to personally guarantee the loan. This refinance bridge loan was funded in November 2019.