SPARTANBURG, S.C.—Bridge loans have been hard to come by in recent years, but the promise of multifamily success is bringing some lenders back to the market. Vesta Equity is one of them.

Vesta Equity recently funded an 18-month, $5.2 million bridge loan for the acquisition and renovation of the 369-unit Wildewood Apartments in Spartanburg, SC. The multifamily property was bank-owned and purchased in an REO sale. Wildewood Apartments is 80% occupied. The loan included a $1 million hold back reserve for renovations.

“We are definitely seeing more bridge loans get done these days,” Adam Kowalski, an investment associate at Vesta Equity, tells GlobeSt.com. “We’ve seen increased competition in our space from both private money and traditional lending sources. There is such an appetite for quality deals being done by quality sponsors that we’ve seen some startlingly aggressive pricing.”