Refinance Bridge Loan for Industrial Property in Hillburn, New York

Funded by Archway Capital

$3,645,000

Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date

11/29/2019

Property Type
Industrial
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 Highlights

We paid off the previous lender and provided the cash-out funds in just 10 days.

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.

Funded By

Archway Capital

National Non-Recourse Bridge Loan & Equity Provider