Residential Mortgage Banking Overview
Case Studies - CRE Bridge Transaction
Transaction Overview
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Multifamily
Phoenix, AZ
1 multifamily property
274 units
Acquisition/Renovation / Stabilization
$54M loan
READY CAPITAL.
Metrics / Loan Details
$54M loan commitment for the acquisition
(82% LTPP)
■ 36-month IO loan with two 12-month
extension options
■ Priced at 1M LIBOR + 3.35%
■ Loan is structured with $5.5M in future funding
proceeds to renovate the units to provide
accretive rents
■ Stabilized credit metrics are 67% LTV and
6.9% DY
Opportunity Overview
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Renovation and stabilization of a 274-unit multifamily property
in Phoenix, AZ
Property benefits from strong occupancy of 95% at closing with
in-place DY of approximately 4.5%
Sponsor plans on implementing a $12k/unit renovation on
average and expects to increase rents by $325/month
Sponsor is an experienced Phoenix area multifamily investor
with a successful track record executing value-add business
plans
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