Liberty SBF Closes $1.6MM Bridge Loan in Just Nine DaysAugust 26, 2016
The commercial lending company refinanced a maturing CMBS loan backed by a property located in Indianapolis, Indiana
Philadelphia, PA – Liberty SBF, a national commercial real estate lender announced it closed a $1.6MM bridge loan to refinance a 4,000-sq ft. single-tenant property in Indianapolis, Indiana. Liberty SBF closed this deal within nine days of taking the application.
The Capital Advisors Group at Resource Commercial Real Estate brought Centre Properties, a commercial real estate investment company, to Liberty SBF regarding a bank loan for a stand-alone retail property facing imminent maturity. The property boasts a single story structure on a small lot at the edge of a shopping center located on Lafayette Street in Indianapolis, IN operating under an extended lease to KeyBank. To take advantage of an expiring discounted payoff, an umbrella loan on the subject property and another retail building had to be satisfied by the borrowers. Liberty SBF quickly provided the $1.6MM, 65% LTV bridge loan in time for the bank debt to be paid. The loan represented 78% of the total note payoff plus closing costs. The borrowers then injected cash into the deal to make up the rest of the funds.
“Liberty SBF performed flawlessly,” said Jeffrey Lockhart, Senior VP, Capital Advisors Group, Resource Commercial Real Estate. “My client was very pleased with Liberty SBF and said they would highly recommend the lender to their business associates as a reliable bridge source. We here at the Capital Advisor’s division of Resource Commercial Real Estate will definitely recommend Liberty SBF to our clients for reliable bridge financing.”
“It was definitely the quickest close from start to finish I’ve ever been involved in,” said Ron Martin, Chief Financial Officer at Centre Properties. “Liberty SBF did exactly what they said they would do and finalized the closing with incredible speed and efficiency, before our deadline. I feel like they pulled a rabbit out of a hat.”
“The borrower stressed the importance of closing within their timeframe to meet the bank’s discounted payoff window,” said Alex Cohen, CEO of Liberty SBF. “We focused our resources to meet the borrower’s challenge and our expert underwriting staff was able to close this deal in just a matter of days.”
This is one example of the almost $1 trillion in commercial mortgage debt that will mature over the next three years translating into billions of dollars in loans coming due every month. Working with brokers, bankers, and other intermediaries, Liberty SBF is providing much needed liquidity to the wave of maturing mortgage borrowers through its bridge lending platform for commercial property investors and its 90% LTV loan for owner-occupied commercial properties.
About Liberty SBF
With headquarters in Los Angeles, CA and Philadelphia, PA, Liberty SBF has one of the most innovative lending and servicing platforms in the industry providing bridge and permanent financing to commercial real estate investors. Liberty SBF is backed by some of the nation’s leading private equity firms, including EBF & Associates, Exigent Alternative Capital, Napier Park Global Capital, and Mainline Investment Partners. For more information about Liberty SBF and its lending, servicing and investment platforms, please visit www.LibertySBF.com.
About Centre Properties
Formed in 1985 by Craig W. Johnson and James F. Singleton, Centre Properties is an Indianapolis based real estate firm specializing in development, leasing and management of retail properties in the Indianapolis metro area. The Sponsors are both experienced real estate professionals with extensive backgrounds in commercial investment and development with a combined net worth of $53.4 million. Since 1985, Centre Properties has developed more than 2.2 million square feet of retail space. Acquired properties are managed through Centre Properties Management, which currently owns and manages over 1.4 million square feet of retail space within the Indianapolis market.
About Resource Commercial Real Estate
Resource Commercial Real Estate is Central Indiana’s largest independent, 100% locally-owned commercial real estate brokerage. Founded more than a decade ago as an independent entity, we are led by our existing leadership team. Collectively, our principals offer nearly 200 years of combined industry experience and have backgrounds with some of the industry’s largest companies.