Location: Hartford, CT
Loan Amount: $2,100,000
Interest Rate: 12.00%
Term/Amortization: 18-Month Interest Only
Loan to Value: 55%
Purpose: The bridge loan was secured by sixty; two, three, and four bedroom units that were spread over nine buildings all within a mile radius. Arriba Capital leveraged its close relationship with a real estate lending fund that understood the potential upside in the transaction by bringing the remaining thirty units online. The $2.1M loan; refinanced the existing debt, exercised the purchase option, provided funds to complete the renovation of the remaining thirty units, and provided enough working capital for the client to cleanup his personal credit and tax issues to better position himself for a conventional take-out loan.