Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
10/01/2021
Property Type
Property City
Chicago Ridge
Property State
IL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$2,500,000
Previous Loan Balance
$200,000
Loan-to-Value
50%
Location Type
Suburban
Occupancy at Closing
All Units Occupied
Number of Units
12
Borrower's Plan
Continue Rental
Exit Strategy
Refinance
Deal Summary
Sherpa Capital Group, a direct private lending firm based in Chicago, funded a $1,250,000 equity cash out bridge loan secured by a 12-unit multifamily property in Chicago Ridge, Illinois. The Borrower, a local commercial real estate developer that Sherpa Capital has done business with in the past, needed quick capital for materials and repairs on another commercial property. The subject property’s value is approximately $2,500,000 so the loan-to-value was 50%. We paid off the previous loan balance of $200,000 and put a new 1st mortgage on the 12-unit property, plus we got a 2nd lien on a 300,000-square-foot industrial building that the Borrower owns. Sherpa Capital was able to provide the financing just 10 days after the term sheet was signed. This CRE bridge loan was funded in October 2021.