A family trust approached Southeast Bridge Capital to replace maturing bank financing on a multi-tenant flex/industrial property located in Rock Hill, South Carolina (Charlotte, NC MSA). Small loan with relatively complex underwriting. Borrower with a past bankruptcy, tenants that would not produce financials and short-term small tenants whose income was difficult to underwrite.​

Southeast Bridge spent time underwriting the rental market and sales comparables, and got comfortable with both the borrower’s ability to replace any vacating tenants and the overall loan basis in the asset.  With high current debt service coverage, SEBC structured the two-year loan with relatively aggressive amortization to further reduce basis.  Transaction closed in under 30 days.

Borrower’s intent is to sell the property within the loan term.  Given the amortization during the term, if the property does not sell, borrower should be able to extend SEBC’s bridge loan or find alternative permanent loan financing.  ​