One of Lima One Capital’s specialties is multifamily bridge financing in secondary markets with Class B and Class C properties. This multifamily loan in Louisville, Kentucky is a prime example. The property was stable, with 98% occupancy and market-level rates.
The investor was looking for a bridge loan to refinance a 105-unit property across six buildings with 2021’s low interest rates. The investor also wanted a rehab budget that would allow them to continue their project of upgrading interior finishes in about half of the units so that they could increase rents and raise the overall class of the property.
A True Financing Partner
Lima One was the perfect financing partner for this investor and the commercial real estate broker on this deal. Lima One offered 70% loan-to-value financing as well as 100% financing for the rehab budget. This rehab allowed the investor to add equity by increasing the overall value of the property by almost $1 million, to a total of $6 million. The non-recourse, interest-only loan gave the investor plenty of time and funds to complete the interior rehab project, add value to the property, and continue to offer quality workforce housing at market prices to Louisville renters.