WALGREENS, BURLINGTON COUNTY, NJ – Progress Capital Advisors was recently approached by a client facing a 1031 exchange deadline. By turning to David Cappello, Vice President of Progress Capital Advisors, the exchange was completed in the allotted time.
Step One: David helped the borrower identify the right exchange based on ROI.
Step Two: After narrowing down the selection, David sourced financing options to maximize cash flow.
Step Three: David expedited a $4.7 Million loan to successfully satisfy his client’s 1031 exchange deadline.
• Loan Amount: $4,702,500
• Terms: 10 Years
• Initial Fixed Rate Period: 7 Years at 3.77%
• Reset Rate: 1 at 3 Year LIBOR + 1.90% with 3.7% floor
• Amortization: 25 Years
Having the right team in place can be the difference between qualifying for an exchange or having to pay a huge capital gains tax.
Completing a 1031 exchange can be challenging. The tax-deferment program is notoriously difficult because of the limited time restrictions. A like-kind exchange under the IRC Code Section 1031 requires you to identify replacement properties 45 days from the date you sell the relinquished property. The second time limit constraint is that the replacement property must be purchased and the exchange completed no later than 180 days after the sale or the due date (with extensions) of the income tax return for the tax year in which the relinquished property was sold, whichever is earlier.
Progress Capital’s 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.