Bridge Loan For Office Property

Loan Type:
Bridge Loan
Loan Amount:
$8,750,000
Loan Term:
3 YR
Amortization:
Interest Only
Recourse:
Non-Recourse
LTV:
75%

Challenges

• Borrower was being pressured by an area bank to move the loan that was close to maturity default. Needed quick close.
• Unstabilized asset after a long period of stability, liquidity crunch after having expended cash reserves on tenanting costs and RE taxes, and a maturing bank loan/acceleration.
• Maturing loan, unstabilized property, needed flexible loan structure, loan default

Solutions

• Money360 was timely in its efforts, flexible in its thinking (especially when it came to re-working TI/LC allowances to meet a changing market), and creative when it came down to putting the Sources & Uses puzzle together to work for the borrower.
• Money360 met face to face with the borrower and broker to inspect the collateral and discuss terms

Nicolas Jans

Money360

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