PROGRESS CAPITAL | Manhattan, NY – $3,750,000
15357
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Manhattan, NY – $3,750,000

Category
Direct Funded, Multi-Family
About This Project

 

Progress Direct Lends $3,750,000 on Chelsea Apartment Building

 
Progress Direct, the direct lending division of Progress Capital Advisors recently funded a $3,750,000 bridge loan secured by a 29 unit Chelsea apartment building.  Progress Capital Advisors was able to fund the loan in 10 business days from term sheet to closing table.
 
CHALLENGE
 

  1. Our client had a loan that was maturing without the ability to extend
  2. Brad Domenico was engaged to secure a replacement loan but would not have sufficient time to secure a conventional bank loan prior to maturity
  3. Our client, a renowned philanthropist, author and doctor was traveling abroad when she learned that her current lender could not provide a maturity extension

 
SOLUTION
 
Domenico suggested using a bridge loan funded by Progress Direct, a division of Progress Capital Advisors.  This allowed our client to pay off the matured loan and preserve her credit repayment history without any defaults.
 
Key terms of the bridge loan funded by Progress Direct include:
 

  • 10 Day Closing
  • 12 Months Interest Only
  • No Pre-Payment Penalty after two months
  • 10% Interest Rate
  • < 50% LTV

 
Progress Capital Advisors 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