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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
07/19/2023
Property Type
Property City
New York
Property State
NY
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$2,000,000
Loan-to-Purchase Price
60%
Borrower's Contribution to Purchase
40%
Property Neighborhood
New York
Location Type
Urban
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
11
Borrower's Plan
Build and Hold
Exit Strategy
Conventional Loan
Borrower Credit Rating
Good
Interest Rate
11.50%
Origination Points
2%
Deal Summary
Bayport Funding, a balance sheet lender, funded a $1,100,000 1st lien position bridge loan for the acquisition of an 11-unit multifamily property in the Harlem neighborhood of Manhattan, New York. We funded 60% of the $2,000,000 purchase price, while the Borrower contributed 40% cash at closing. All 11 apartments in the building were vacant and in fair condition. The plan is to rehab all the units, lease up the entire building, and then refinance with a conventional loan. The Borrower is a repeat client of ours who had good credit, lots of liquidity, and a strong track record. They will use their own cash to fund the renovations. The purchase contract has a short closing deadline, and we were able to fund the loan in just 1 week. The interest rate was 11.50%, and we charged 2% origination points. The loan term was set at 12 months. This purchase bridge loan was funded in July 2023.
Funded By
Bayport Funding
Balance Sheet Lender for Residential & Multifamily Real Estate Investors