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Value-add investor acquires underperforming 24-unit apartment complex with bridge financing, completing renovations and lease-up before refinancing into permanent debt.
Key Takeaways
Loan Amount
Time to Close
Property Type
An experienced multifamily investor identified a 24-unit apartment complex in a rapidly appreciating Phoenix submarket. The property was significantly underperforming due to deferred maintenance and below-market rents from long-term tenants. The seller had received multiple offers and required a quick close with limited contingencies.
The investor faced several challenges:
78%
of commercial real estate investors prefer bridge loans for time-sensitive acquisitions
Source: CBRE Research
5-15 days
typical closing time for bridge loans vs 60-120 days for traditional financing
Source: Mortgage Bankers Association
$263B
in multifamily loan originations in 2023
Source: Mortgage Bankers Association
5.5-7%
cap rates for stabilized Class A multifamily properties
Source: CBRE Cap Rate Survey
Clear House Lending matched the investor with a bridge lender from our network who specializes in value-add multifamily acquisitions. The lender understood the Phoenix market and recognized the upside potential.
Loan Type
Bridge Loan (Interest-Only)
Loan Amount
$4,200,000
Purchase Price
$5,100,000
LTV
82% of Purchase Price
Interest Rate
10.5%
Term
24 months + 6-month extension
Renovation Holdback
$450,000
Origination Fee
2 points
The deal closed in just 12 days, beating the seller's timeline and securing the property over three competing offers. Over the following 18 months, the investor executed their business plan:
Purchase Price
$5,100,000
Appraised Value (Post-Renovation)
$7,200,000
Total Investment (including renovations)
$5,800,000
Equity Created
$1,400,000
Our bridge lending partners specialize in financing value-add multifamily acquisitions. Get matched with lenders who understand your business plan.
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