Multifamily Bridge to Bridge Financing

Multifamily Bridge to Bridge Financing

We acquired a 24-unit multifamily property with bridge debt. The project is taking longer than expected. We are 80% occupied and need a little more cash to get this fully stabilized. Below are the numbers. Any suggestions would be greatly appreciated.

1. Purchased for $1.495 million
2. Renovations to date: $350,000
3. Still need $185,000 to complete capex
4. As-is value is $2.6 million
5. As stabilized value will be $2.95 to $3.2 million

Thanks,
Simms

Timestamps
[00:52] What is “bridge to bridge”?
[01:21] What is the problem when you go to a bridge to bridge?
[01:30] Not achieving your goal in the first bridge loan, now extending
[02:05] Reasons why bridge to bridge is a little bit more challenging
[02:47] How much total loan amount could you do with this type of deal?
[03:23] Stabilize and then refinance out
[03:29] Book a call at http://bookwithbeau.com/

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#MultifamilyInvesting #bridgefinancing

_________________________________________________________________________________________________ About Beau: Beau Eckstein is a real estate entrepreneur, TV personality, and commercial mortgage advisor, specializing in construction financing and multi-family lending.
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