Deal Details
Private Loan Type
Refinance
Approx. Funding Date
02/07/2024
Property Type
Property City
Atlanta
Property State
GA
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$9,340,000
Loan-to-Value
60%
Number of Units
56
Deal Summary
Lima One Capital, a lender for multifamily and residential real estate investors, funded a $5,604,000 1st lien position bridge loan secured by a stabilized 56-unit multifamily property in Atlanta, GA. The property value was estimated at $9,340,000 so our loan-to-value was 60%. The investor had a bridge loan from another lender while they worked on leasing up the vacant units, but needed more time than the existing bridge allowed to be ready for agency takeout. Lima One provided a bridge-to-bridge financing solution with no as-is DSCR requirement to allow the investor to optimize the vacancy rate and gain seasoning to prepare for long-term agency financing. We provided a bridge-to-bridge interest-only loan at a fixed rate to give the investor additional time to qualify for permanent financing at a lower interest rate. The loan term was set at 24 months. This multifamily refinance bridge loan was funded in February 2024.