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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