Brickstone Capital recently facilitated the acquisition and renovation of a 148-unit multifamily property in Savannah, Georgia, by providing a short-term bridge loan at 65% as-stabilized loan-to-value (LTV). The loan allowed the borrower to close swiftly on the purchase while ensuring sufficient capital for renovations through a 100% holdback of the capital expenditure budget.
Highlights:
- Loan-to-Value (LTV): 65% as-stabilized
- Interest Rate: 9.95% fixed, interest-only (I/O)
- Loan Term: 12 months with extension options
- Recourse: Full recourse
- Additional Features: Interest reserve included, no yield maintenance requirement
Why This Deal Made Sense
Brickstone Capital was able to underwrite this transaction confidently due to:
- The sponsor’s strong track record in the Savannah multifamily submarket
- A conservative going-in loan-to-purchase price, ensuring sufficient equity cushion
- A clear renovation plan with funded capital expenditures to enhance property value
This bridge loan provided the borrower with the speed and creativity needed to secure the asset and execute their value-add strategy.
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