New Closed Bridge Loan $990,000
Purchase
| Loan Type: Bridge Loan | Loan Amount: $990,000 |
| Loan Term: 3 Year | Loan to Value: 75% |
Canton, Mississippi
An experienced real estate investor identified a distressed multifamily property and needed to move quickly. However, in addition to the property’s age and high vacancy, the property was poorly maintained and had recent water damage. The borrower also needed to maximize their use of leverage to close the transaction.
Consisting of 8 separate buildings, the property was well situated near the main arteries of Jackson, Mississippi. There was also the opportunity to convert the property to HUD-subsidized senior housing, which created a realistic upside potential and a viable exit strategy.
Applying our understanding of HUD Use Agreements and transaction structuring, Wilshire was able to work with the borrower’s HUD counsel and a mezzanine lender to address the various issues related to the HUD Use Agreement, the intercreditor agreement, and the capital improvements and repairs required.
Wilshire’s knowledge and experience resulted in additional speed, flexibility, and certainty for this 3-week closing.
Why Wilshire?
- Nationwide Direct Portfolio Lender, with two Real Estate Debt Funds.
- Entrepreneurial Approach, Institutional Sophistication and Discretionary Capital.
- Fast, Easy, Flexible Financing Solutions
