Borrower is seeking a loan to facilitate the acquisition of a 10,000 SF industrial / office building, of which they intend to occupy 75% with balance to be leased to a third party. The deal will be a prime candidate for SBA financing but only once consistent cashflow has been established. Borrower is relatively inexperienced with a slight financial statement and requires interim financing to 1) acquire the property and 2) season operations.

Southeast Bridge Capital agreed to a 70% LTC loan with the Sponsor providing a second mortgage on their primary residence, bringing the aggregate LTV to approx. 60%. The loan includes a monthly amortization which strengthens Borrower’s position while mitigating  takeout risk for Lender. ​

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Borrower will seek to refinance via SBA as soon as possible. The loan provides for a 6-month extension option which provides a cushion for the refinance timeframe.​