Progress Capital Advisors offers a direct lending platform, Progress Direct, for clients who need flexibility for time sensitive and complicated transactions. This includes special situations or other circumstances where conventional financing is not readily available.
This specialty financing is generally more expensive than conventional sources, but is often used to secure a property quickly during a distressed sale, to take advantage of a discounted payoff with an existing lender or as interim financing during a property repositioning. It has also been useful for repositioning and/or renovating a building into condominiums for sale.
Properties are secured with a first mortgage, but there have been circumstances where mezzanine financing is provided or partnership shares are transferred in lieu of a mortgage.