Anatomy of a Close
The best lender for a deal like this is one who's done a deal like this — and it's the question every operator should ask. 818 brings both: real capital and an operator's instinct for what the lease-up, the open permits, and the closing table actually demand. That combination is why it closed.
A bank loan — and a rate 818 negotiated down.
An 85%-occupied, value-add 33-unit is exactly the asset most lenders only touch as 10–11% bridge debt. 818 placed it as a permanent bank loan — then pushed the bank's spread down from Treasury +300 to +250 bps, landing the rate at 6.65%, inside the 6.87% on the original term sheet.
Illustrative comparison vs. typical 9.5–11% bridge pricing for a transitional multifamily acquisition. Actual alternative terms vary by lender and borrower.
$70,250 in seller credits — fought for, line by line.
Five of the 33 units sat vacant and the building had open inspection items. 818 didn't accept the property as-is — it negotiated credits that landed directly on the operator's closing statement.
Closed on the purchase-and-sale contract he signed.
The follow-up with the bank, the title company, and counsel isn't the headline — it's just the work. The headline is the outcome: 818 delivered the close on the terms of his executed purchase-and-sale contract. Sourced, structured, and funded, exactly as written.
We did the analysis — so he could make the decision.
An operator shouldn't have to build his own underwriting. 818 created the full analytical file for this deal — acquisition and post-acquisition — then packaged and delivered it to the bank, the appraiser, and the property manager so every party worked off the same numbers.
Then coordinated the package directly with the appraiser and the property manager — so the valuation and the operations told one consistent story.
Five empty units were the whole question. We answered it with data.
At 85% occupancy — 28 of 33 units leased — vacancy was the deal's biggest risk and the bank's biggest question. Most lenders stop there. 818 met it head-on: we built the data case for a credible path to the bank's 90%+ stabilization threshold, and got every party aligned behind it.
A restated T-12, a clean rent roll, and market-rent comps showing in-place rents well below the Fort Myers market — the data that turns “vacant” into “upside.”
The bank's stabilization parameters, the appraiser's valuation, and the property manager's lease-up plan — coordinated by 818 to tell one consistent story.
A $20,250 seller credit on the vacant units plus a 12-month interest-only period — time and money to lease up before principal hits.
One person. Every call. Nights and weekends.
Not a call center, not a hand-off chain — one advisor the operator could call or text at any hour, across the entire relationship.
130 calls and more than 2,600 texts with one person — roughly 19 hours on the phone alone — answered at 1 AM, on weekends, whenever it mattered. The same voice from first hello to funded, and after.
Built for the hold, not just the wire.
A 2023-built asset acquired at ~$116,700/door — roughly half to three-quarters of what it would cost to build today. Equity created at the closing table.
A bank term loan at 6.65% — not 10%+ bridge money — so more of every rent dollar reaches the operator from day one.
In-place rents sit well below market with 5 units to lease; the plan marks rents up as leases roll, lifting a depressed NOI toward a stabilized ~$297K.
818 opened the agency permanent-refinance the same week the bank funded — stabilize, refinance, return equity, hold long term.
Forward-looking outcomes are illustrative — every project varies, and nothing here is a projection or guarantee.
Whether it's your first deal or your tenth, we don't run you through a funnel toward a bridge rate and a fee schedule. We start with you — your goals, your risk, your next ten years — and build the best path to value, even when that means a bank loan at a bank rate instead of our own bridge. That's the difference between a lender and a partner.
They came back three times.
The most honest measure of “partner, not just a lender” isn't a testimonial — it's what a client does next. This operator's family brought 818 three separate deals. People don't do that because a rate was a tenth of a point better. They do it because someone finally sat on their side of the table.
Work with a lender who's been the operator.
Permanent financing provided through a national bank. Figures reflect a single funded transaction; individual results vary. Rate, credit, and savings figures are drawn from the deal's executed term sheet, signed closing statement, and communication logs; the ~$121K/yr and ~$600K savings figures are illustrative comparisons against typical bridge pricing and are not actual alternative quotes. Forward-looking returns are illustrative estimates, not a projection or guarantee. Names, identifying details, and the street address have been withheld for privacy. Not a commitment to lend; all financing subject to credit approval, underwriting, and property qualification. © 818 Capital Partners.