Jersey City, NJ – David Cappello of Progress Capital negotiated a $15,000,000 line of credit for a valued client to acquire multifamily buildings in the Hudson and Essex county markets. The client has a successful history purchasing under-performing small multifamily properties, condos and single-family rental homes, subsequently renovating and returning them to the market at market rates. The borrower sought to secure a flexible financing solution that would afford them the liquidity to make immediate purchase decisions wherein traditional financing would undermine their bargaining potential.
Cappello has a history of working with small to medium size businesses and client portfolios seeking to secure the working capital necessary to expand without over leveraging. David suggested and arranged a non-recourse revolving line of credit with a 24-month term that the client can draw upon immediately (up to 80% purchase price) for acquisitions.
Progress Capital loan programs include 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