Previous Southeast Bridge Borrower with an immediate working capital need is seeking to refinance a portion of their real estate portfolio. Borrower owns a large tract of land in South Charlotte which they have been parceling off and selling to a national builder, who has unexpectedly slowed the pace of their lot acquisitions. With a significant reduction in proceeds from lot sales, Borrower is seeking a refinance in the interim to cover operating costs.

Southeast Bridge Capital was able to provide the required working capital funds by taking multiple pieces of collateral (land, SFR, condo) to secure its position. Low leverage loan closed without appraisals and in under one week.

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Primary source of repayment is excess cash flow generated from lot sales in the ordinary course of business.  Secondary repayment source is liquidation of the collateral held by Southeast Bridge Capital (or contributions from the guarantor).  Loan is fully locked to prepayment for 12 months and has a fully funded interest reserve.