Progress Direct Closes $750,000 Bridge Loan Within 48 Hours
Keansburg, NJ – Progress Direct funded a $750,000 bridge loan to meet a 1031 deadline for the purchase of a Dollar General in Keansburg, NJ.
The borrower was purchasing a Dollar General through a 1031 Exchange that was set to expire. As a result of the COVID-19 shutdown, the lender pulled out of the loan just days before the scheduled closing, leaving our client with no means of financing and a quickly approaching 1031 Exchange deadline.
Kyle Altenau, VP of Progress Direct stepped up to provide funding and coordinated with the borrower, attorneys and title company to accomplish a 48 hour closing to protect the 1031 Exchange deadline.
A 1031 Exchange gets its name from Section 1031 of the U.S. Internal Revenue Code, which allows you to defer paying capital gains taxes when you sell an investment property and reinvest the proceeds from the sale within certain time frames in a property or properties of like kind and equal or greater value.
Progress Direct is a direct lending platform providing fast and flexible CRE Bridge Loans. We leverage our expertise and knowledge to help you bridge the capital stack when traditional lending sources are not an option. With over $150 Million in directly funded bridge loans, we get you to the closing table…Plain and Simple.