Acom Capital funded $18M bridge loan for Multfamily property in Seattle, WA

Acom Capital just funded $18M bridge loan of a multifamily property in Seattle, WA. It was a $25M purchase transaction. This multifamily building has 78 units.

This multifamily building is in the prime area of Seattle, WA. This multifamily building has only 60% occupancy and sponsors wanted to purchase and rehab 30 units and needed cash to rehab the building to add value in the property. The sponsors credit was not so great and but had lots of experience in multifamily properties and rehab. The sponsors applied with many different lenders and bank but could not get funding on time.

The sponsors contacted Acom Capital and discussed about this deal Approx. 21 days before the closing,. Acom Capital were able to help the sponsors to arrange the financing and the close transaction on time. Acom Capital funded $18M on $25M purchase, which is 72% LTC or LTV and After repair or rehab value once the property is 100% rented out and stabilized, the value of the property will be $30M. So the sponsors are making Approx. $5M +/- gross profit from this transaction within 6 to 12 months. It's not a bad pay check for less than 12 months work.

If you or someone in your contacts have similar situation then you may contact Acom Capital at acom-capital.com