Sponsor profile
A foreign national investor with no US credit file, holding a single family residence in Beverly Hills through a US LLC. The financing was underwritten on the asset and the entity, on the same terms a US borrower would have received on the same property.
Deal structure
In November 2024 Passy Capital funded the acquisition with a $7.8M bridge at 70% loan-to-value, closed in three weeks.
Thirteen months later the same borrower came back to refinance the same property. The second facility closed at $8.1M, again at 70% loan-to-value.
Nothing about the second transaction was harder than the first, which is the point. The terms of the acquisition bridge held, the exit was the one we had underwritten, and there was no surprise at the end of the term.
Exit
The acquisition bridge was taken out by the refinance, on schedule and at the same leverage. The borrower kept the asset and moved the short-term facility into longer-dated debt.