Deal Details
Private Loan Type
Commercial Property Value Add
Approx. Funding Date
09/12/2018
Property Type
Multifamily
Property City
Los Angeles
Property State
CA
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Number of Units
32
Exit Strategy
Sale
Interest Rate
7.99%
Deal Summary
Archway Fund, a direct private lender based in LA, provided a $5.45M acquisition and rehab non-recourse bridge loan secured by a 32-unit rent controlled multifamily property located in Los Angeles, California. The Sponsor plans to perform immediate renovations and raise rents up to market rates in order to achieve stabilization. The exit strategy is traditional long-term financing or a sale of the asset once stabilized. The interest rate was 7.99% for a 24-month loan term. No appraisal was required, and the Sponsor did not have to personally guaranty the loan. This CRE private money loan was funded in September 2018.