Progress Direct Lends $3,750,000 on Chelsea Apartment Building
Progress Direct funded a $3,750,000 bridge loan secured by a 29 unit Chelsea apartment building and closed in 10 business days from term sheet to closing table.
- Our client had a loan that was maturing without the ability to extend
- Brad Domenico was engaged to secure a replacement loan but would not have sufficient time to secure a conventional bank loan prior to maturity
- Our client, a renowned philanthropist, author and doctor was traveling abroad when she learned that her current lender could not provide a maturity extension
Domenico suggested using a bridge loan funded by Progress Direct, a division of Progress Capital Advisors. This allowed our client to pay off the matured loan and preserve her credit repayment history without any defaults.
Key terms of the bridge loan funded by Progress Direct include:
- 10 Day Closing
- 12 Months Interest Only
- No Pre-Payment Penalty after two months
- 10% Interest Rate
- < 50% LTV
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