Bridge Loan For Office Property

Loan Type:
Bridge Loan
Loan Amount:
$7,075,000
Loan Term:
3 YR
Amortization:
Interest Only
Recourse:
Non-Recourse
LTV:
66.8%

Challenges

• The borrower had a maturing loan and needed to pay the bank.
• The borrower was looking to convert part of an existing fitness facility into profitable office space due to high demand in a this market.
• The sponsors wanted to increase revenue by leasing the new office space.

Solutions

• Money360 provided a bridge loan for a maturing loan on a 2-story, 66,868 square foot multi-tenant office building.
• Money360 provided enough initial funding to pay off the maturing loan and ample funds for the both the conversion into office space and TI/LC for the new tenants.

Stratos Athanassiades

Money360

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