San Diego, CA
In September 2018, Archway Fund provided a $6.7M bridge loan secured by an industrial property which consists of two buildings located in San Diego, CA. 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 guaranty the loan.