As a result of loan maturities coupled with credit tightening from traditional sources, there is an increased demand for bridge loans. Progress has identified an opportunity in the marketplace to provide an attractive rate of return to investors looking to capitalize on the strong real estate market, while adding diversification to an investment portfolio.
Progress Direct offers a bridge lending platform 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.
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.