Multifamily Bridge
Posted 1mo agoMultifamily bridge, Reno
$2,400,000
Location
Reno, NV 89501
Target rate
12.10%
Term
6 mo
Property type
Fourplex
Property & underwriting
- Occupancy
- Vacant
- Units
- 12
- Lien position
- Second lien
- As-is value
- $3,556,000
- LTV (as-is)
- 67.5%
- Purchase price
- $3,502,000
- After-repair value
- $4,985,000
- Loan-to-ARV
- 48.1%
- Rehab budget
- $470,000
- Existing liens
- $720,000
- Exit strategy
- Refinance into 30-yr DSCR
- Borrower experience
- 6-15 deals completed
- Credit score range
- 750-799
- Borrowing entity
- Limited Partnership
- Funding timeline
- ASAP (7-10 days)
- Additional collateral
- Fourplex at Reno, NV
Use of funds
Bridge to permanent financing
Deal summary
Bridge to permanent financing on a fourplex in Reno, NV. Borrower is seeking $2,400,000 at up to 12.1% for 6 months. Sell after renovation.