Bakersfield, CA

$1,625,000

Multifamily

Purchase

07/11/2016
Transaction by
Wilshire Finance Partners
Bridge loan for the acquisition of a 47-unit multifamily property in Bakersfield, California. This brokered loan was referred to us by one of our trusted advisors. The Borrower was completing a 1031 exchange transaction and had a short window to close the deal. The apartment building asset is 90% occupied and our Borrower was getting a discount to market value. The purchase price was $2,000,000. The LTC (loan-to-cost) was 65% but the loan-to-value is 60%. Wilshire was able to underwrite the 47-unit multifamily deal and fund in just 8 days in order to satisfy the 1031 exchange timeline. The Borrower will be obtaining Freddie SBL financing to pay off our 1st trust deed acquisition bridge loan. The loan term is 2 years, and it was funded in July 2016.