Waco, TX

$2,000,000

Multifamily, Student Housing

Refinance

01/15/2020
Transaction by
Wilshire Finance Partners
In early 2020, Wilshire Finance Partners funded a $2M refinance bridge loan secured by a student housing property in Waco, Texas. The Borrowers are seasoned investors who are rapidly expanding their student housing portfolio and needed to cash out equity on one of their properties which is located across the street from Baylor University dormitories. The original seller rent concessions were burning off, which gave the sponsor the opportunity to increase rents. Further, cost savings could be achieved through additional expense pass-throughs. Wilshire also did a more comprehensive examination of the historical operating expenses to adjust for non-reoccurring costs from the prior years. Wilshire’s approach and experience enabled us to quickly assess the property cash flows and close the requested loan in a very compressed time frame. The loan-to-value was 75% and the loan term was 24 months.