THE CHALLENGE: A long standing client of Brad Domenico, Managing Director at Progress Capital, identified an opportunity to purchase three apartment buildings consisting of 18 units in Brooklyn, NY. However, the seller required a 45 closing. And, of course, the client needed a competitive fixed rate with limited recourse and a high LTV.
THE SOLUTION: Brad’s extensive knowledge of the market’s lenders combined with the client’s current financials on file, allowed Progress Capital’s underwriting team to prepare the loan request quickly and efficiently. The loan for $3,375,000 closed in 45 days; 3.25% fixed for 3 years; 30 year amortization; limited recourse; 70% LTV.
Progress Capital specializes in arranging Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple…#thatsPROGRESS