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

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.