Progress Direct Steps in After the Bank Backs Out
Cherry Hill, NJ – Progress Direct provided a $186,000 bridge loan for a single family home located at 128 Ashbrook Road, Cherry Hill, NJ being renovated for resale.
The borrower’s plan to fix and flip the property was cut short after the community bank withdrew from the scheduled closing at the last minute, due to added lending risks amid the COVID-19 shutdown.
Kyle Altenau, VP of Progress Direct worked with the borrower to structure a solution. By having the borrower establish a 6 month interest reserve at closing, this mitigated the risks present while lending during the virus shutdown. Kyle coordinated with the borrower’s attorney and other third-party vendors to achieve a prompt closing within ONE WEEK, allowing the client to proceed with their scheduled purchase and renovations.
The 2,115 SF single family home consists of 4 beds and 2 and a half bathrooms. Renovations will include new hardwood flooring throughout, a new kitchen consisting of modern appliances and granite counters, as well as brand new bathrooms.
Located in the Ashland neighborhood in Cherry Hill, this property is situated with nearby conveniences including many schools, retail shops, grocery stores and an array of ethnic restaurants.
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.