Commercial Bridge Loan Needed For A $5.2M Purchase

by Jack Thomas
(Chicago, IL USA)

I am a residential private lender and I have solid commercial deal to broker. I have the entire file! The borrower is in jeopardy of losing this deal and needs a backup lender so they can secure the purchase of a commercial property (audio & video multimedia studio) located in Atlanta, GA. The current lender has had the deal for quite a while and is currently a month over the contracted loan commitment date. That lender has recently stated that they will close the loan within the next week, but they have been saying that since the beginning of December. Due to consistent stalls, it appears that the lender may not have the liquidity to fund the deal in a timely manner. The borrowers are nervous for they need an extension of their sales contract and they don't want to lose the deal. I have all the necessary documentation (sales contract, BVO, appraisals, P&L statements, Long Term Leases & $2M escrow) that you may want to review to see if the opportunity may be of interest. The purchase price of the commercial property is $5.2M and the borrowers currently have $2M in escrow waiting to close this deal. They are requesting a loan with 65% LTV which equates to $3.38M with 1 year terms. I have negotiated 13% monthly interest only payments and 4% upfront point. The commercial property has several long term leases in place that pay nearly $60K/month passively with another $50K monthly in studio production profits. The borrower has potential contracts in place that will provide a minimum of $300K monthly NOI with a debt service that should not exceed $50K/month. The borrower has multiple exit strategies.

Why I like this deal:
65% LTV
13% Interest Only Monthly Payments
4% Upfront Point
$2M sitting in escrow
Solid Long-Term Tenant Leases in place earning a passive $60K/month
Conservative 2.2 DSCR with potential of 6
Borrower has multiple exit strategies in place

If this deal interests you, contact me via email so we can proceed. Please no brokers.

Thanks,

Jack Thomas
Jacktiii@hotmail.com

Comments for Commercial Bridge Loan Needed For A $5.2M Purchase

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I sent you an Email
by: Anonymous

Jack, please check your email and revert.

Interested
by: Andrew M.A.E. Funding

Jack,

Please check your email.

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