Short term bridge loan
Interest Only Full term
No prepayment penalty or exit fee
Client had an emergency. His relationship lender of many years pulled out 10 days before closing, client was hard on contract and stood to lose a large deposit. Banyan was tasked with finding a lender that could close in very tight time frame. We found several, but the lender chosen was able to close within 36 hours of quoting the loan. Loan closed and funded on time, and client is very pleased.
In order to close so quickly, everybody involved work tirelessly to underwrite, analyze, approve, paper and close this loan. All worked together in a remarkable way.
Property is 186,176 SF with tenants including: Target, Walgreens, TJ Maxx, West Marine, HSBC, ACE Hardware, a 26,000 SF dark movie theater, several local tenants and 47,000 SF of vacant space. A large portion of this property is on a ground lease, which added a layer of complication to the transaction.
Property was purchased via auction and had to close on a specific date or sizable deposit would be lost. Note, property had been owned by a loan servicer for close to 5 years prior to this sale. New owner has a long track record of buying distressed retail centers and has a very aggressive business plan to bring the center to a very successful state.
Zach Nimhauser – email@example.com
Michael Brown – firstname.lastname@example.org