$5,700,000 Multifamily Seven Day Purchase Funding

Transaction Description: George Smith Partners successfully arranged a structured bridge loan to provide 80% of acquisition and 100% of all rehabilitation dollars for a 360-unit multifamily purchase that needed to close within seven calendar days. A significant seller discount was offered for the capacity to fund within seven days. In addition to acquisition funds, the subject property required an extensive capital repairs reserve to remain competitive in the Columbus, Ohio market. Fixed at 8.5%, the non-recourse 18 month loan was sized to break-even debt coverage on an interest only basis.