Client came to V³ Lending when they wanted to acquire a distressed 212 Unit Apartment complex located in Birmingham, AL.
V³ Lending arranged a $8,600,000 Private Capital Bridge loan to acquire the Apartment complex, renovate it, and have working capital to pay for expenses. The client was an experienced Multifamily operator who injected a 20% equity injection to fund this transaction. The loan was funded with a 7% interest only loan for 2 years.
After one year, the client completed the renovation on the property and moved occupancy up to 96%.
V³ Lending arranged another loan for the client to take out the Private Capital Bridge loan. The new loan is conventional loan for 3.25% interest rate on a 25 year amortization.