- Loan Amount: $19,920,000
- Loan Term: 3 YR
- LTV: 59%
Bridge Loan For Office Property
- Loan Type:
- Bridge Loan
- Loan Amount:
- Loan Term:
- 2 YR
- Interest Only
• The borrower was facing a loan maturity and needed a flexible loan structure that included additional proceeds for tenant improvements.
• A second lease was signed with an additional tenant, but the borrower needed CapEx funds for parking area improvements, roof replacement, and to pay for lease-up costs. Needed proceeds for TIs for the second tenant. Property improvements CapEx and debt service reserves.
• Parking renovation and 6 months rent abatement. Historically it has been fully occupied.
• Money360 provided a refinance loan on a one story 85,833 SFR&D industrial building in Ann Arbor, MI. The borrower was facing a loan maturing and certainty of execution was very important to the borrower. The borrower felt much better closing with us knowing we would get the deal done.
• We also provided flexible loan structure that paid off their existing lender with additional proceeds for CapEx and tenant improvements.
• Our loan structure enabled the borrower to continue operating and improve their property while they leased up the property.
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