This is a Bridge Loan Success. This borrower had a real struggle. He had invested tons of money in his project, capital was drying up and he needed a quick solution, here's how it all went down.
A Bridge (loan) to Far? Not this Time!
Everyone knows the old WWII story about the raid led by the British to try and gain a foothold in Europe and break the German supply lines. The raid, dubbed Operation Market Garden, was doomed from the start. Poor planning, a lack of experience by the planners and imporoper insight into the resources needed to accomplish the goal meant the operation's ultimate demise.
This bridge loan had a similar fate. The property was vacant for 8 years. The owner was funding out of pocket, had run into legal issues with title and ownership, had mold issues and other unforeseen problems with the property. Add to this that the property had a stigma of being unsuccessful in the past and was located in a tertiary market, and well... enough said.
After many failed attempts to get a bridge loan and after having been in front of virtually every bridge lender in the Nation, the borrower landed at the door of Dividend America Commercial Lending. After some solid investigation into the loan needs, DACL found that the real problem was not the project, but the presentation of the project and of the owner's experience.
With some education of the borrower and a whole lot of back-end work helping the borrower put together the proper documents for a solid lending file, one that underwriters didn't have 'figure out' and could easily understand, the approval for the bridge loan came swiftly!
It was not a Bridge (loan) to Far, not this time. All that was needed was the expertise and connections needed to get a solid deal across the finish line! With approval for a $3.5 million bridge loan the client is able to complete rehab, stop self-funding the project and work towards bringing the building online and stabilizing it.
DACL helps commercial real estate investors, businesses and entrepreneurs by providing the knowledge and expertise to cross any chasm and achieve their goals by providing the funding that bridges the gap. for us, no bridge (loan) is to far.
Proud to provide bridge loan solutions in the following markets: Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Cincinnati, Cleveland, Columbus, Dallas/Fort Worth, Denver, Detroit, Fort Lauderdale, Houston, Indianapolis, Jacksonville, Kansas City, Las Vegas, Los Angeles, Louisville, Miami, Milwaukee, Minneapolis-St. Paul, Nashville, New Haven-Fairﬁeld County, New York City, New Jersey, Oakland, Orange County, Orlando, Philadelphia, Phoenix, Pittsburgh, Portland, Riverside-San Bernardino, Sacramento, Salt Lake City, San Antonio, San Diego, San Francisco, San Jose, Seattle-Tacoma, St. Louis, Tampa-St. Petersburg, Washington, D.C.