- Loan Amount: $8,595,000
- Loan Term: 3 YR
- LTV: 58.8%
Mixed-Use Property In Detroit, MI
- Loan Type:
- Bridge Loan
- Loan Amount:
- Loan Term:
- 2 YR
- Interest Only
Refinance of a higher interest rate.
Timing was a big deal. The borrower had to close the deal before the end of the year or he would have had to stay with his current lender. He wanted to refinance out of the higher interest rate loan and needed a creative loan structure.
Money360 recently funded this $10.3 million bridge loan to allow the borrower to refinance out of a higher interest rate loan on an essentially non-leased office building. The key to this deal is the regional market knowledge Stratos brought to the table. His market knowledge helped the credit team get comfortable with the deal. Loan structure, timing, and surety of execution were also important in this deal. Update: Money360 funded the initial loan in December of 2017 and in August of this year, the borrower needed additional capital for pre-development work.
We understood our borrower’s need for additional capital and reevaluated their current loan. Since our initial funding, property values in this market have increased and that allowed us to provide the additional capital requested.
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