Multifamily Bridge
Posted 1mo agoMultifamily bridge, Columbus
$1,800,000
Location
Columbus, OH 43215
Target rate
11.94%
Term
18 mo
Property type
Office
Property & underwriting
- Occupancy
- Non-owner occupied
- Units
- 12
- Lien position
- First lien
- As-is value
- $3,072,000
- LTV (as-is)
- 58.6%
- Purchase price
- $2,612,000
- After-repair value
- $4,441,000
- Loan-to-ARV
- 40.5%
- Rehab budget
- $347,000
- Existing liens
- $540,000
- Exit strategy
- Sell at completion
- Borrower experience
- 6-15 deals completed
- Credit score range
- 750-799
- Borrowing entity
- Limited Partnership
- Funding timeline
- ASAP (7-10 days)
- Additional collateral
- Office at Columbus, OH
Use of funds
Acquisition + rehab
Deal summary
Refinance existing hard money on a office in Columbus, OH. Borrower is seeking $1,800,000 at up to 11.94% for 18 months. Refinance with bank takeout.