Multifamily in Phoenix, AZ
CommLoan was presented with another opportunity after closing the first transaction successfully with the sponsor. The sponsor was looking to obtain a bridge loan for their value-add multifamily acquisition in Phoenix. With the current changes in the lending market due to COVID-19, many lenders turned extremely conservative with some even halting lending completely.
Despite the challenges in the lending market, CommLoan was able to secure a 3-year fixed rate at 4.375% for $2.025MM at 75% loan-to-cost with the first 12 months at interest-only. CommLoan’s marketplace technology demonstrates to be essential in today’s volatile lending environment.