After coming across a phenomenal investment opportunity, a client who was in search of rapid funding in order to acquire a multi-family apartment community reached out to DLP Direct Lending Partners.
The property, which is located on the coast in Southeastern North Carolina, was built in 1999 using low-income housing tax credits (LIHTC) and was a deal that many lenders would turn away from. DLP Direct Lending Partners was pleased to offer the client flexibility, fast underwriting, as well as financing at a lower cost in comparison to other lenders.
“This multi-family loan had a very short time table to close, and had some unique factors including the LIHTC restriction. We were able to get comfortable with the risk and the loan within the matter of just a couple of days, in part because we have built a strong relationship with the sponsor and put our confidence, trust, and money behind great operators” comments Nate Trunfio, President of Lending at DLP Direct Lending Partners.
After DLP offered the client 70% of the funds needed to purchase the lucrative investment deal, they were ready to close on the property in less than 30 days. The property was purchased at $1.8 million and will be sold for over $3 million in the future.