• (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610
  • (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610

32 Units Multifamily

Another Successful Funded Loan

  • $2,587,000
  • 18 mth Bridge @ 7.250%
  • Purchase - 75% LTV
  • 32 Units
  • Multifamily Property
  • Adelanto, CA

ASSIGNMENT:

A past client returned to us for an Apartment Building Purchase. He was in a 1031 exchange and coincidentally we had financed his downleg property as well for the buyer who bought his building and it so happens that we were familiar with the subject property because we had financed it few years prior for the seller. This was a real daisy chain transaction since we were also helping the seller on his upleg purchase.

CHALLENGE:

Because the rents were low the property was requiring a huge downpayment which the borrower didn't have. We had to identify a way the borrower could get financing for this purchase.

SOLUTION:

ALB has access to an arsenal of loan programs and no one program fits each transaction since each transaction comes with its differences. On this transaction the loan officer structured a bridge loan for the borrower with one of our capital sources. This allowed the borrower to come in with 25% down payment in comparison to 50% down payment under conventional financing. We had a management team in place that was familiar with the subject property and marketplace and it was clear that the borrower would be able to increase rents in conjunction with making some cosmetic capital improvements to the property. The exit strategy of the bridge loan was to refinance out afterwards.  We will be back financing this transaction within 12 months or sooner for the take out loan.