■ Bridge to Perm Loan
■ $2.1MM Acquisition
■ Winston-Salem, NC
Liberty SBF Funds Quick Close Bridge Loan on
245-Unit Multifamily Property Near Winston-Salem, NC
Liberty SBF recently closed a $2.1MM bridge loan for the purchase of a 245-unit multifamily property located in a suburb of Winston-Salem, North Carolina. Liberty SBF closed the deal under a tight deadline for an experienced sponsor who will exit with permanent Agency financing.
Borrower Needed Financing To Bridge The Gap Between Purchase and Perm Loan
The property is a fully stabilized, cash flowing apartment building operating under the Low Income Housing Tax Credit (LIHTC) program. The sponsor is an experienced commercial real estate investor with a specific focus on managing multifamily properties. The acquisition deal required a bridge loan due to recent changes in the low income housing loan approval process that increased the time to close a perm Agency loan.
Broker Called Liberty SBF For Quick Close Bridge With No Prepayment Penalty
Doug Solether of Commercial Real Estate Finance Company of America (Crefcoa) brought the deal to Liberty SBF knowing that the borrower needed a short-term, quick-close solution with no prepayment penalties. Liberty SBF structured a flexible bridge loan to span the gap between acquisition and perm financing.
Broker’s Last Words: We Have A Partner In Liberty SBF
“The underwriting team at Liberty SBF worked in an efficient and timely manner and was able to accommodate a quick close,” said Mr. Solether, Managing Director at Crefcoa. “It’s comforting to know that when Crefcoa has another bridge loan to place that we have a partner in Liberty SBF we can trust and count on to get us to the closing table. They exceeded our expectations.”
Close FAST with a FLEXIBLE Bridge Loan
• 1- 2 year terms
• Loan balances starting at $1MM
• No pre-payment penalty, minimum interest, or exit fees
• Non-recourse considered with standard carve outs
• Direct Funded – Liberty SBF’s bridge loans are directly funded from our own balance sheet
• Uses – Quick Close, DPO Financing, Debt Refinancing & Restructuring, and Partner Buyouts
• Unique Property Types – We specialize in Hotel, Office, Retail, Industrial, Flex, Multi-family and Mobile Home Parks, and Bridge to SBA for owner-occupied commercial real estate