16-Unit Multi-Family Bridge Loan in Arlington, Texas
22 Sept, 2021 · 2 min read
Today’s Deal Spotlight centers on the bridge financing of a 16-unit multi-family asset in Arlington, Texas. Due to seller requirements laid out in the purchase and sale agreement, our clients had less than 30 days to close the transaction and needed a firm with an excellent track record for similar deals.
What We Were Up Against
The value-add property was dated, had not undergone any renovations or updates, and lacked financials from the previous owners. As is, it was a tough sell to potential lenders and required significant strategy development.
What Our Team Helped Turn Around
Team TDC immediately went to work, formulating a solid CAPEX budget and pro-forma alongside the borrowing team to put the lender at ease. With the assistance of third party appraisers, we also tailored our business strategy to emphasize future value while meeting lender requirements, and managed communication to close on time with the following terms:
- A $1,475,000 Loan Amount
- 5.99% Interest Rate
- 24-Month Term, Interest Only
- 75% LTV/LTC
- 3.25% Closing Costs
The team at Terrydale Capital consistently goes above and beyond to secure the best possible refinancing terms for our clients. Are you dealing with issues related to market volatility during COVID-19? Worried about high fees and missing out on better options? We have ways to help. Give us a call and see what we can do for you.
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