Arriba Capital successfully closed a $2,100,000 Bridge Loan secured by 60 multifamily units and one commercial property in Hartford, Connecticut. The two, three, and four bedroom units were spread over nine buildings all within a mile radius.
Challenge: There were three major obstacles in this transaction. The first being that only half of the sixty units were currently online while the other half were at various stages of renovation. The second issue was the fact that the client didn’t own twelve of the units, but had the option to purchase. Lastly, the client had credit issues.
Solution: 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 clean up his personal credit and tax issues to better position himself for a conventional take-out loan.