Progress Capital Arranges Financing for Property Purchased Via Ten-X
Brian Anderson of Progress Capital secured $3,075,000 in acquisition financing for his client to purchase a 32,000 square-foot office building through Ten-X, the nation’s leading online commercial real estate exchange platform.
The property is a 3-story office building on Mill Ridge Lane, Chester, NJ with 138 lined parking spaces. It’s situated on 3.23-acres of land within Northern New Jersey’s vast metropolitan area noted for its transportation network and proximity to Manhattan.
CHALLENGE: With Ten-X, the winning bidder gets notified and sent a contract the same day. They then have a 60-day TOE closing and by the end of the 60-days they will have anywhere from 15% – 20% down in a hard non-refundable deposit.
SOLUTION: Once notified of his client’s winning bid, Brian immediately searched to find the right lender with the most competitive terms available. By working closely with all parties involved, including completing a comprehensive list of due diligence documents, Brian managed to accomplish a streamlined closing within the tight timeline.
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process