Michigan Bridge Lenders for Commercial Real Estate
A list of bridge loan lenders for commercial real estate in Michigan. The lenders in our directory offer bridge loans for a variety of CRE financing, including: acquisition, refinance, cash out, redevelopment, repositioning, recapitalization, 1031 exchange, discounted payoff (DPO), note purchase and other deal types.
In late 2019, Wilshire Finance Partners provided a $2,040,000 bridge loan for the acquisition of a commercial property in Michigan. The Borrower had identified a triple net (NNN) leased medical office building with a dialysis center tenant. The primary challenge faced by the Borrower was the speed and certainty required to close because of the amount of time left to complete their 1031 exchange. Recommended by the Realtor, Wilshire used its internal underwriting and the discretionary capital in our debt funds to quickly and efficiently close the transaction before the 1031 exchange deadline. The loan-to-value was 67%, and the loan term was 24 months. The Borrower plans to refinance with conventional financing to pay off our bridge loan.
Bridge Loan for Michigan Office Building Acquisition
$5,1MM senior bridge loan for the purchase and renovation of a 70,000 square foot office building in Grand Rapids, Michigan. The 1980’s vintage building had dated common areas that needed capital. Like many in the suburban Grand Rapids office market, the previous owner was faced with either investing additional renovation capital to attract top-tier tenants or discounting rents to maintain occupancy. The owner decided to sell the property instead. Before closing, the Borrower had already been in contact with almost all of the tenants in the building, who were obviously excited about the upgrades to the property. Many were quick to offer extensions to their existing leases and some actually took more space. After completing the renovations, the Borrower plans to refinance with an institutional lender. This transaction was completed in April 2015.