Borrower is the owner/operator of a record store / live music venue currently leasing space in downtown Pittsburgh, PA. The Borrower had an opportunity to purchase a commercial mixed-use space just a few blocks away but needed to close within 60 days. The Borrower’s intent was to renovate and relocate to the new building. After a few weeks working with a local SBA lender, the Borrower realized 1) lender would not be able to meet the closing timeline, and 2) he didn’t have enough cash to close. ​

Southeast Bridge Capital was able to step in and provide 92% of the funds required for the acquisition and renovation of the property. Borrower pledged two additional SFR rental properties (unencumbered) as additional collateral to shore up Southeast Bridge Capital’s position and allow for a quick and easy close.

This deal was referred to Southeast Bridge by an SBA contact who will continue to work with the Borrower as the renovation progresses. With a 12-month term (and 6-month extension option), the Borrower will have sufficient time to complete renovations, open its business in the commercial space, and secure permanent financing through an SBA execution.