24 Month I/O, 80% LTC, Bridge Financing
StackSource recently arranged a $2.8MM bridge loan to fund the acquisition and repositioning of a 12-unit multifamily property located in Seattle, WA. The Borrower plans to complete roughly $565K of capital expenditures to convert the 2 bed/1.5 bath floor plans into 3 bed/2 bath or 2 bed/1.5 bath with a den. This will allow them to increase rents by 25% over the next two years. Capital Advisor Andrew Bouton worked with a national debt fund to secure a 24-month I/O product that came with a 1-year extension option, 7.99% rate, and 80% loan to cost for this international borrower.