Fort Worth, TX

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80% LTC | $3,170,000 | 72 Units |2 year bridge

Deal Summary:  

CIVIC Multifamily recently funded a loan of $3,170,000 for the acquisition and rehabilitation of an asset in the Fort Worth market.

The Plan

  • The borrowers plan on using CIVIC's 2 year bridge loan to acquire the subject property and execute on a value add strategy to cure deferred maintenance and reduce operational expenses through the use of a local property management company.
  • Borrowers maintain large Fort Worth portfolio; economies of scale and market knowledge will allow the group to bring this property to its full operational potential.
  • Subject property is surrounded by accessible employment centers and is in close proximity to supportive development.
  • Rent growth in the submarket has well outpaced the metro average.
  • Borrowers maintain strong value add transaction history within the submarket.

The Loan

  • Loan captured 80% of the total project cost.
  • Non-interest bearing cap ex holdbacks to cure deferred maintenance.
  • Separate interest reserve holdback to capture the first 6 months of I/O payments.
  • Underwritten NOI at property stabilization projects a comfortable DSCR for agency financing on the take-out.
  • No prepayment penalty after the first 8 months gives the borrower confidence to execute quickly and effectively.

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© 2020 Civic Financial All Rights Reserved. Located in Redondo Beach, California, Civic Financial Services LLC is a leading private money lending provider servicing the greater Los Angeles, Dallas, Phoenix, Seattle, Portland, Denver, Miami, South Beach, Tampa, Sarasota, San Diego, San Francisco, Irvine, Las Vegas, San Jose, Riverside, San Bernardino and surrounding communities. Civic specializes in short term, non-owner occupied and investment properties financing utilizing private hard money and bridge loans.

This is not a commitment to lend. Restrictions may apply. LTV limit is based on current, accurate appraised value. Civic Financial Services, LLC reserves the right to amend rates and guidelines. All loans are made in compliance with Federal, State, and Local laws. Civic Financial Services, LLC is a California Finance Lender under NMLS 1099109 and the California Department of Business Oversight License #603L321, AZ Mortgage Broker License #092863, FL Mortgage Lender Servicer License #MLD1536, NV Mortgage License MB4419, NV Broker License #4443, NV NMLS ID #1410002, OR Mortgage Lending License #ML-5282, UT DRE Mortgage Entity License #10570639. Civic Financial Services, LLC is an equal opportunity lender. Powered by - Mortgage Marketing | Privacy Policy