This borrower required short-term financing to complete $300,000 of tenant improvements to increase the occupancy of his 70% occupied office building. He was also looking for over $500K of unrestricted cash-out for a time sensitive investment in other real estate. The low property occupancy eliminated him from conventional and non-conforming financing, and he needed a quick and easy bridge financing program to close fast!
How this deal went down...
- We issued a term sheet for our bridge program within 24 hours andrequired no upfront fee.
- Our term sheet was signed and we had an approval in the borrower's hands within 24 hours only requiring the following to close: title, inspection, appraisal, credit report, leases, corporate docs and renovation budget.
- The borrower signed the approval, paid only a $2,500 site inspection and due diligence fee and we accepted his 7 month old existing appraisal saving him tons of time and money.
- A satisfactory inspection was conducted the next day, the borrower sent in the outstanding conditions and we were clear-to-close 9 days after the signed approval was first received.
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