We closed a $12MM refinance for a newly built multifamily project in Texas. The sponsor had recently completed construction and needed to exit their construction loan but wasn’t ready to sell. Market conditions weren’t ideal yet, so they needed a financing structure that gave them time and flexibility.
We arranged a traditional commercial bridge loan at a fixed rate of 7.25%, interest-only for the first two years, on a five-year term with 30-year amortization. There’s no prepay penalty if the property sells early, which gave them a clean exit strategy without locking them in.
This gave the borrower breathing room to stabilize rents, improve performance, and hold until the timing made more sense. They now have the ability to sell when the market is right, not when the loan matures.
If you have a commercial loan coming due above $2 million, we’ve got strong programs and competitive rates that can help improve your property’s performance.
Typical DSCR requirements:
1.20x or greater for multifamily
1.30x or greater for commercial
1.10x minimum for bridge deals
Schedule a Commercial Loan Consultation today with Karen by 512-358-1511.
Give us a call today at 512-358-1511 to discuss your commercial finance needs or get started by filling out this form!
Karen Schimpf
Commercial Capital, Ltd.
O: 512-358-1511
E: karen@ApplyCommercialLoans.com
w: www.linkedin.com/in/karenschimpf/
blog: http://bizloansconnections.com/
website: http://applycommercialloans.com
P.S. We have a private bridge loan fund with plenty of capital—ready for quick closings. We’ll look at everything from hotels, memory care, and assisted living to apartments and other special-use commercial properties, even in tertiary markets. We review every deal seriously. If you have a time-sensitive deal or one that banks won’t touch, send it our way. Call me at 512-358-1511 or start here: applycommercialloans.com/apply-now.