Non-Recourse Bridge Loan for Industrial Property Acquisition in San Diego, California

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

09/19/2018

Property Type

Industrial

Property City

San Diego

Property State

Loan Term (months)

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Value

70%

Rate Type

Fixed

Exit Strategy

Sale

Interest Rate

8.75%

Deal Highlights

We were able to fund fast to meet the Sponsor’s closing deadline.

Sponsor was not required to personally guarantee the loan.

Deal Summary

Archway Fund, a direct private lender based in LA, provided a $6.7M 1st lien position bridge loan secured by an industrial property that consists of two buildings located in San Diego, California. The Sponsor plans to use proceeds to facilitate the acquisition and provide renovation funds for improvements. The exit strategy is to sell one of the buildings and refinance the other to repay the proposed loan. We were able to fund fast to meet the Sponsor’s closing deadline. The interest rate was 8.75% fixed for a term of 18 months. The loan-to-value was 70%, and the Sponsor was not required to personally guarantee the loan. This CRE purchase bridge loan was funded in September 2018.