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We Lend Provides $6.45M Bridge Loan For Multifamily Conversion In Myrtle Beach, SC

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FINANCED
$6,450,000
Andrew Schnissel
Moses Suleymanov
Jeff Safi
+ 1

South Carolina

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MultiFamily42,080 SF
Financed
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Property Image
FINANCED

We Lend Provides $6.45M Bridge Loan For Multifamily Conversion In Myrtle Beach, SC

Myrtle Beach, SC, USA

See Similar Deals
MultiFamily42,080 SF
Financed
Andrew Schnissel
Moses Suleymanov
Jeff Safi
+ 1
the dealplayerscompscontact
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Summary

SOUTH CAROLINA
Asset Type:MultiFamily
Price Per Square Foot:$153
Total Square Footage:42,080 SF
Transaction Type:Loan

A bridge loan in the amount of $6,450,000 was secured for a multifamily property located in Myrtle Beach, South Carolina. The asset consists of 119 units with a total square footage of 42,080. The loan was closed by We Lend, represented by Jeff Safi, Ruben Izgelov, Solomon Suleymanov, Moses Suleymanov, and Andrew Schnissel.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $6,450,000
  • Market: Myrtle Beach, SC
  • Units: 119

The lender, We Lend, facilitated the bridge loan for the conversion of a hotel into a multifamily property. The loan provided leverage of 75% of the purchase price and 100% of the renovation budget. This transaction was successfully closed within a span of 15 days.

Players

Andrew Schnissel
We Lend
Andrew Schnissel
7 deals$20.9M volume
LENDER
Moses Suleymanov
We Lend
Moses Suleymanov
24 deals$44.4M volume
LENDER
Jeff Safi
We Lend
Jeff Safi
4 deals$13.1M volume
LENDER
Ruben Izgelov
We Lend
Ruben Izgelov
23 deals$43.6M volume
LENDER
We Lend
We Lend
LENDER
We Lend
We Lend
LENDER

Details

FINANCED
IMAGE: Jeff Safi, Solomon Suleymanov, Ruben Izgelov, Moses Suleymanov & Andrew Schnissel DATE: 10/31/2021 MARKET: Myrtle Beach, SC ASSET TYPE: Multifamily ~ SF: 42,080 ~ UNITS: 119 LENDER: We Lend (@WeLendLLC) - Jeff Safi, Ruben Izgelov (@Ruben_Izgel), Solomon Suleymanov (@Sal_Solomons), Moses Suleymanov (@Moses.Suley) & Andrew Schnissel (@AndrewSchnissel) LOAN AMOUNT: $6,450,000 LOAN TYPE: Bridge loan NOTE FROM LENDER: Loan Amount: $6,450,000 Location: Myrtle Beach, South Carolina Loan Type: Hotel to Multifamily Conversion Units: 119 Leverage: 75% of purchase and 100% of renovation budget Closed in 15 days

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,450,000.00

Monthly NOI$43,000.00
Monthly Debt Service$40,768.39
Change in Cash Flow$0.00
Refinance Proceeds$0.00