Multifamily Bridge Loan – Portland, TX
Lima One works with borrowers across the country on multifamily bridge loans designed to help them achieve their overall real estate investment strategy. In this case, a real estate investor in Portland, Texas reached out to a Lima One Business Development rep via LinkedIn to inquire about funding.
This property just across the bay from Corpus Christi, TX was stable, with 95% occupancy and market-level rates. The investor was looking to refinance the 132-unit property and begin a renovation program to update and add value to the property.
The investor wanted a rehab budget to upgrade building exteriors, add to the complex amenities, and upgrade interior finishes in each unit so that they could increase rents and raise the overall class of the property.
Multifamily Bridge Loan By the Numbers
- Loan Purpose: Refinance and Value-Add Rehab
- 132 units
- Loan Amount: $7.9MM
- ARV: $13.5MM
- Loan to ARV: 58%
- Loan Term: 24 months
- Purchase Price: $9,2MM
- Construction Budget: $881K