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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
04/29/2023
Property Type
Property City
Berkeley
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$4,300,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
21
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
10.5%
Origination Points
1.5%
Deal Summary
Conventus LLC, a direct private mortgage lender, funded a $3,655,000 1st lien position bridge loan for the acquisition of a 21-unit multifamily property in Berkeley, CA, next to Oakland the East Bay Area. We funded 85% of the $4,300,000 purchase price, while the Borrower contributed 15% cash at closing. They will also self-fund 100% of the $225,000 rehab budget. The subject property was acquired in good condition and was tenant-occupied at closing. The Borrower had excellent credit. They plan to buy out 5 to 8 tenants, do minor cosmetic upgrades, and eventually refinance with long-term conventional debt as an exit strategy. They anticipate the value to increase to $6,000,000. So the loan-to-after-repair value will be approximately 61%. We charged a 10.5% interest rate and a 1.5% origination fee. The loan term was set at 12 months with no prepayment period or penalty. This multifamily bridge loan was funded in April 2023.
Funded By
Conventus
We Fund Fast While Providing Excellent Service and Competitive Pricing