Bridge Loan for 12-Unit Multifamily Property in Chicago Ridge, Illinois

Funded by Sherpa Capital Group

1,250,000

Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date

10/01/2021

Property Type
Multifamily
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 Highlights

A local commercial real estate developer we’ve done business with in the past.
Needed quick capital/cash out for materials and complete repairs on another commercial property.
Sherpa Capital Group LLC was able to provide financing within 10 days from signed term sheet.
Secured the loan w/ 1st mortgage on 12-unit multi + 2nd lien on 300,000 sq. foot industrial building

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.

Funded By

Sherpa Capital Group

Entrepreneurial Private Lender for All Types of Commercial Properties

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