- Loan Amount: $5,635,000
- Loan Term: 3 Years
- LTV: 67%
Bridge Loan For Mixed-Use Property
- Loan Type:
- Bridge Loan
- Loan Amount:
- Loan Term:
- 3 Years
- Interest Only
• The borrower was looking to exit a construction loan and refinance to a bridge loan on this Mixed-Use property in Seattle, Washington.
• They needed additional capital to fund TI’s/LC’s in order to lease up and ultimately stabilize the property. At closing, the property was 23% occupied.
• The borrower was looking for a custom-tailored loan solution and certainty of execution on this transaction.
• The borrower was looking to close quickly because they had leasing momentum and needed a timely close with a custom-tailored loan solution to maintain the momentum.
• The loan structure includes a three-year term with two (2) 12-month extension options and future funding to be used for tenant improvement and leasing commission costs for new tenants.
• After getting to know the sponsor, we were confident with their experience and that we could provide a customized loan solution that would help them successfully execute their business plan.
Cade Vander Broek
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