Borrower owns (and 50% occupies) a small office building on the south side of Charlotte.  Borrower’s loan with a small local bank was maturing, and the bank was unwilling to extend given that a) the customer’s business was not doing well, and b) the customer had no money on deposit or other profitable services with the bank.

As an asset-based lender versus relationship bank, Southeast Bridge Capital was able to refinance the subject property by taking additional unencumbered real estate (six assets in total) owned by Borrower.  At closing,Southeast Bridge Capital’s loan 1) paid off the subject mortgage, 2) provided full-term interest reserve, and 3) cashed out a small amount to Borrower…all while maintaining a sub 65% LTV exposure.

Repayment of Southeast Bridge's loan will come via sale of the portfolio properties.  Southeast Bridge Capital’s eighteen-month loan provides ample time for an orderly liquidation of the assets versus a fire-sale, and Borrower agreed to pay down the loan by $500,000 within twelve months to show progress towards an exit.