LFB successfully arranged $2,650,000 in acquisition and rehab financing for a 30-unit multifamily building in Fernley, NV. The loan was structured as a $2,520,000 acquisition loan, or 78% LTPP, with another $130,000 set up as a draw for light rehab work post-close. The rehab portion of the loan represented 100% of the rehab budget, less contingency. After post-closing rehab work, the additional value-add exercise will be a rent increase across the board given the recent economic boom of the Reno-Sparks market and its trickledown effect on surrounding cities.
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