Challenge
Our client was looking to convert an office building into a multi-family project, but lenders were not interested in the location and conversion projects like this: Issues
- The Location did not fall within the lender’s top MSA areas.
- Lenders were very hesitant to tackle this project due to the nature of office-conversion projects.
So, Why Private Capital Investors?
Private Capital Investors has successfully executed YTD over 50 similar office-to-multi-family projects in 2024, establishing us as the ideal go-to lender for projects like these.
Overcoming the Challenge?
Since Private Capital Investors has done over 50 similar projects, we were able to leverage our extensive experience and were able to expertly guide the borrower in order to secure the necessary funding and propel this project forward towards success.
Closing: Refinance Office To Multifamily Conversion Pre-Development
Spokane, WA | $8,200,000
Outcome
There were many challenges that we faced, but we were able to successfully get funding for this project. Given below are the highlights of our success
- We secured the loan within 120 days.
- We were able to get a bridge loan in order to prepare for the next phase of a 33M construction loan, in order to get the property fully stabilized.
- We were able to prevent the borrowers from losing the property to foreclosure, and the loan matured; there were no outlets available to get another bridge loan.
Testimonials
We had been searching for the last 6 months to find a lender who not only believed in the project but believed that we had the experience and knowledge to get this project completed. Private Capital Investors was not only able to give us advice that we hadn’t received before, but Private Capital Investors was also able to secure a loan to pay off our current lender and position us towards the next phase of the project with a 33M construction loan.
Although we have done a lot of projects in the past, we have never found a more knowledgeable company such as Private Capital Investors, and the CEO Keith Thomas was involved from start to finish.
I would advise any borrower looking for a very reputable lender that cares more for you, than their commission, I advise you to call Private Capital Investors on your next project.
Jordan T