IRVINE, CA - EBSC Lending provided a $16.3MM first-priority loan to Oasis Group secured by a 500-unit apartment community in Albuquerque, NM. The loan proceeds will fund the refinance of existing debt and a significant capital improvement plan. At closing, the property was 40% occupied with the remaining units in un-rentable condition.
Considering the property’s poor condition, the capital improvement plan makes up approximately one-third of the loan proceeds, making the loan difficult for traditional lenders to finance. However, EBSC Lending understood the Oasis Group's business plan, which should allow the property to stabilize. The loan was structured to include an initial advance which would allow Oasis Group to complete a significant portion of their plan immediately.
Putting into consideration the complex history of the property, ownership had limited cash equity in the project. EBSC Lending was able to tailor its underwriting and provide sufficient financing to accommodate a high loan-to-cost on the entire project. The loan also included additional funds in the event the project costs exceeded the budget. Given the timing, EBSC Lending closed the loan in 21 days.
“It was a pleasure to work with Oasis Group and I am glad we could provide them with an easy closing process and competitively priced short-term financing,” said Aaron Donovan who structured the loan for Oasis Group.
With an unmatched combination of agility, reliability, fiduciary rigor & personal touch, EBSC Lending continues to build a strong reputation with its proven ability to provides custom working capital solutions and close transactions on a timely basis through its discretionary fund structure that allows borrowers to execute on their business plans.