Las Vegas, NV
In April 2018, Archway Fund financed a $2.2M acquisition loan secured by a 48-unit multifamily property located in Las Vegas, Nevada. The sponsor required a quick close to accommodate a 1031 exchange and couldn’t get bank financing due to low credit scores and a tax lien. Exit is to repair credit, increase rents and refinance with a permanent loan. 67% LTV, 8.0% Interest Only, 12-month term.