Renovations can be very expensive, especially for a commercial office building. So instead of reaching into their pockets, our borrower decided to pull cash out of the property through a Capital Fund I commercial bridge loan and use it to update the property as well as refinance out of their current loan.
The borrower’s property had executed leases currently bringing in cashflow, and the interior has been well kept and the updates that will be coming to the property are for maintenance of the building. On top of being a great way to make a monthly income from tenant’s rent, this property is also in close proximity to Sky Harbor International Airport, and has easy access to the Valley’s Metro Light rail at the Jefferson and Washington street stops on both the north and south side.
- Loan Amount: $450,000
- Rate: 9.9%
- Loan Term: 24 Months
- Loan Type: Commercial Bridge Loan
- Property Type: Commercial Office Building