Private Money Loan for Apartment Acquisition & Rehab in Los Angeles, California

Funded by Archway Capital

$5,450,000

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 Highlights

No appraisal required.
Sponsor did not have to personally guaranty the loan.

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.

Funded By

Archway Capital

National Non-Recourse Bridge Loan & Equity Provider