PROGRESS CAPITAL | $10,555,000 Land Loan without Approvals
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$10,555,000 Land Loan without Approvals

$10,555,000 Land Loan without Approvals

20:05 23 January in News & Talk

When a long-term client reached out to Progress Capital | The Funding Source with a demanding set of circumstances, they were able to find the solutions.

CHALLENGES:

1. Forty-five (45) day time of the essence closing
2Land without building approvals

SOLUTIONS:

1. Knowledge of the client with financials on file
2.Immediate access and trusted relationship with the appropriate lenders

THE OUTCOME:  Brad Domenico of Progress Capital arranged a 70% land acquisition loan, without the requisite approvals and a construction loan for the building subject to approvals. The Bank provided a permanent conversion option should the client decide to convert with the same Bank. The client now has an incredible opportunity to redevelop a parking lot into 30 luxury rental units with a 46 unit parking garage and a retail space in one of Jersey’s highest sought after cities, Hoboken.

 www.ProgressCapitalAdvisors.com