Opus Bank’s Structured Finance division provides $3,150,000 bridge loan facility for the acquisition of a 54-unit apartment building in Oakland, CA
Overview of Transaction
- The client needed a tailored loan under a tight deadline for the acquisition of a 54-unit stabilized apartment building in Oakland, CA. The client had been in the process of funding the acquisition with an agency loan, but that financing would not have closed by the scheduled escrow date, which was less than 60 days away at the time.
- Opus Bank (“Opus”) provided a floating rate 12-month $3,150,000 bridge loan.
Significance of Transaction
- Opus provided the interim financing solution the client needed in less than 45 days, wire to wire.
- As a repeat borrower, the client’s past experience provided the support needed for Opus Bank in closing this time-sensitive transaction.
Opus Bank's Role
- Opus Bank moved quickly and provided the acquisition financing for the client well within the expiration of the purchase contract.