First Mortgage Loan
A $4,350,000 first mortgage loan secured by a four-story, approximately 7,390 square foot, mixed-use building located on Flushing Avenue, between Evergreen and Central Avenues in the Bushwick neighborhood of Brooklyn. The owner; a repeat W borrower, purchased the property in January 2016 using a short-term source of private financing. The borrower was seeking bank financing to repay his maturing acquisition loan but was uncertain that the bank would be able to close on time. W Financial was able to close the loan in a short time frame, and provided the borrower with an attractive freely pre-payable bridge loan, which will give the borrower both the time and the flexibility to pursue permanent financing.