Value-Add Multifamily Loan – Greenville, SC
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 deal, a real estate investor purchased an apartment complex in Greenville, South Carolina. Located just outside the heart of Downtown Greenville and near Falls Park and Reedy River, this 44-unit apartment complex needed upgrades and rehab in order to modernize the facility.
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: Value-Add Rehab
- 44 units
- Loan Amount: $3.8M
- ARV: $8.5M
- Loan to ARV: 45%
- Loan Term: 24 months
- Construction Budget: $686K