3 Week Closing for UAE Prince
Progress Capital was contacted by the Prince’s stateside Trustee/Advisor to arrange a bridge loan to complete renovations on his 3,600 SF Upper East Side private full-service boutique condominium. Brad Domenico was able to arrange a 12 month interest only loan which provided funding of $5.5 Million at closing and an additional $2.5 Million for remaining renovations. The non-recourse loan was collateralized by a first mortgage on the UES condominium and second mortgages on two luxury Boston condominiums.
“It is very difficult to find funding of this type in general, but when you add in the complication of a foreign national, it came down to the lending relationships that Progress Capital has solidified over the years”, said Brad Domenico. Upon completion, the bridge loan will be refinanced with a conventional mortgage through Citibank.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress