Bridge Loan for Condominium Development
W Financial has provided a $5,500,000 Bridge Loan to facilitate a time-of-the-essence closing for the acquisition of a development site (comprised of two contiguous 25′ loft buildings in TriBeCa, NYC). In this case, even though the well-qualified borrower already had a construction loan commitment from a bank, the commitment (as is typical) required that all D.O.B. permits and Landmark’s approvals be in place prior to the bank’s loan closing. With full approvals still months away, a bridge loan was needed in order to close on the $10,750,000 acquisition and avoid losing the 10% hard deposit. W closed this loan in less than one week from borrower’s acceptance of our application letter. W will be repaid once the approvals are finalized and the borrower closes on the construction loan.