Featured LoanPortfolio Bank Loan Across Multiple Condos in Chicago
Loan Amount: $5,785,000
Loan-To-Value: 65% LTV
Situation & Challenge
An investor had multiple private money bridge loans maturing across their portfolio of rental condos in Chicago. They wanted to lock-in financing for at least five years and get an interest rate in the 5-6% range while having one loan for the seven units.
Solution & Result
FCTD structured a 7-property blanket loan with a portfolio bank that provided a 5-year interest-only ARM at 5.875%. Because FCTD closed the loan at the beginning of March, prior to the COVID-19 lending restrictions becoming a factor, the loan was able to fund at 65% of Appraised Value across the seven properties. Had this loan closed mid-March, the Loan-To-Value likely would have been reduced to 60%.