Release: $4.375 million Bridge Loan Closed
In these difficult times, Exeter Commercial LLC is happy to announce that we have closed a $4.375 MM Bridge Loan. While we have been closing smaller commercial mortgage deals on purchase and refinances of income producing property, larger, more complex deals are still possible to get done.
What Makes A Deal Possible In This Market?:
- Good Collateral in the form of the subject building or property
- A clear and concise executive summary of the proposed transaction. The project, the players, a source and use of funds, a pro-forma of the potential of the project, and exit strategy that is well defined plus any other information that will say to a lender:
"This is a good project with good borrowers, and I am comfortable in the fact that there is a strong and believable strategy for me to get my money back!!!
- Good Borrowers or Co-signers
- Good additional property that has equity to use as cross-collateral, or relevant cash on hand
- All of the documentation provided in a timely fashion
- A clearly defined exit strategy
- Cash to bring to the deal or documentable cash already invested in the deal
- For deals brought to us by brokers, direct contact with the borrower is a MUST!
In this environment there is no doubt that ground up construction deals are extremely difficult to get done, with condo deals that much more difficult than rental projects. The bottom line is that while credit is tight, it is available for worthy projects. At this time the phrase "it is who you know" has never rung more true. We are available to review any deals that you may have, and will be up-front and honest as to whether we feel it has merit, and more importantly if we feel it has a real chance to be funded. For deals above $25 MM, alternative methods of financing also exists. Our goal at Exeter Commercial is to always be conservative, and to over-deliver on our promises.
Michael Haltman, President Kunal Kohli, Vice President
Exeter Commercial LLC
131 Jericho Turnpike, Suite 202
Jericho, New York 11753
516.338.7500
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