Candace Pruittbroker
Apr 14, 2026 at 1:00 PM
Seeking Bridge Lender: $4.5M Multifamily Refi, Cash-Out for Value-Add, Secondary Market
Team, I'm looking for a solid bridge lender for a $4.5M cash-out refinance on a 60-unit multifamily property in a secondary market (think mid-sized Midwest city, not a primary MSA). My client, a repeat sponsor with 15+ years experience and a strong track record, acquired this property 18 months ago, stabilized it, and now wants to pull out equity to fund a significant value-add play on a new acquisition. They're looking for roughly 70% LTV on the current appraised value, with a 24-36 month term, interest-only. They've got about $1.2M in cash equity remaining in the deal, and the property is currently generating a 7.5% in-place cap rate. The plan is to use the cash-out proceeds for a new acquisition, which will then undergo a similar value-add strategy. We're looking for a lender who understands the nuances of secondary market multifamily and is comfortable with a sponsor who's active in multiple simultaneous projects. This isn't a distressed asset; it's a strategic capital raise for growth. We've got a full underwriting package ready including rent roll, T-12, pro forma, and sponsor financials. Any recommendations for lenders who are aggressive in this space and can close within 45 days would be greatly appreciated. Thanks in advance for your insights.