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Alvin, TX
A commercial broker had a client who wanted to purchase a 126-unit apartment property in the Houston suburb of Alvin, Texas. The property, which has a unit mix of 1 BR, 2 BR, and 3 BR, was 98% occupied at market-level rents. The broker’s client needed a bridge loan to purchase the stabilized property and hold it long enough to qualify for permanent takeout financing.
By the Numbers:
126
Units
$5.775M
Loan Amount
$7.725M
Appraised Value
75% LTARV
Loan to Value Leverage
The Opportunity
A commercial broker had a client who wanted to purchase a 126-unit apartment property in the Houston suburb of Alvin, Texas. The property, which has a unit mix of 1 BR, 2 BR, and 3 BR, was 98% occupied at market-level rents. The broker’s client needed a bridge loan to purchase the stabilized property and hold it long enough to qualify for permanent takeout financing.
The Solution
Lima One provided a quick close on a $5.775M bridge loan to help these investors purchase the property and prepare for long-term takeout financing. This allowed the investors solid interest-only financing at a low fixed rate until the property was seasoned enough for agency financing.
This multifamily bridge loan is a prime example of how Lima One’s multifamily bridge loans help investors get Freddie ready by providing seasoning for takeout financing at fixed interest rates on interest-only loans.
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