The subject of this closed transaction in Houston is a multifamily property with 5 units and a total square footage of 2,100. The property is located in an undisclosed address in Houston's market.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,330,000
• Loan Amount: $1,330,000
• Loan Type: Bridge Loan
• Loan Terms: The client was approved for a 12-month bridge loan at 87% LTC, to purchase and complete minor renovations on the subject property. The loan closed within 20 days of the signed term sheet and did not require an appraisal.
• Lender: GenWealth CapCo

The bridge loan was provided by GenWealth CapCo. The loan allowed the client to acquire the property and carry out necessary renovations. The terms of the loan include a 12-month repayment period and an 87% loan-to-cost ratio. Notably, no appraisal was required for the loan to be approved.