First Mortgage Bridge Loan
A world-esteemed non-profit foundation needed to recapitalize using its most valuable asset as collateral. The foundation had been the victim of embezzlement by a past officer. Even with excellent new management in place, banks would not lend to this non-profit until they could demonstrate a couple of years of stabilized audited financial statements. W Financial stepped up to the plate and provided a $2,000,000 first mortgage loan for working capital, collateralized by the foundation’s commercial townhouse in Greenwich Village. It serves as office space and the location of over 300 dinners and events each year sponsored by the foundation. Two years later, with cash flow normalized, the foundation was able to refinance the property with conventional bank financing.