$3.5 Million Bridge Loan Funded by Progress Direct
Kyle Altenau of Progress Direct provided the borrower with a unique loan structure to offer flexible terms. The $3,500,000 bridge loan was funded in two phases. Phase I funding of $1,300,000 is secured by 4 commercial buildings previously purchased for $2,875,000 cash, for a loan to cost of 45%. Phase II funding of $2,200,000 is for the acquisition of two adjacent commercial buildings and a parking lot. These final two buildings will complete the borrower’s assemblage of 7 properties which will allow for the development of 130 residential units with ground-floor retail. The loan is subject to an ‘As Is’ appraised value of $7,000,000, or 50% LTV.
The borrower will exit the loan with construction financing.