Brooklyn Bridge Lenders for Commercial Real Estate
A list of bridge loan lenders for commercial real estate in Brooklyn - Williamsburg, Crown Heights, Dumbo, Greenpoint, Clinton Hill and other neighborhoods. 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.
Stormfield Capital recently funded a $1,550,000 bridge loan secured by a 6-family investment property in the Bushwick neighborhood of Brooklyn, NY. The property recently went through a major rehab with included a gut renovation and expansion of square footage. The construction loan had matured, and the borrower needed a short-term bridge loan. The construction was complete at the time of the loan closing but still vacant because the certificate of occupancy (TCO) was not yet received. Stormfield's loan has a 12 month term, and the LTV is 65% of the “as stabilized” value. We funded the loan in 2.5 weeks, which included doing a CEMA with the construction lender, which is the process of assigning an existing mortgage in order to reduce closing costs. The loan was referred to us by a broker who earned a $15,500 fee on the transaction. This bridge loan was funded in February 2020.
Avatar Financial Group, a direct private mortgage lender based in Seattle, funded a $3,400,000 bridge loan to refinance two multifamily properties in Brooklyn, New York. The Borrower is an experienced real estate developer who specializes in repositioning multifamily properties in the NYC metro area. The previous loans for the project were due in full, and additional time was needed to complete the rehabilitation of one property and stabilization of a second property prior to obtaining conventional financing. Avatar was able to quickly refinance the loan on each property and provide some additional needed to successfully stabilize the property and complete the renovation as planned. The interest rate was 8.25% with a loan term of 12 months. The loan-to-value was just 75%. The deal was brought to us by a mortgage broker to whom we paid a broker commission in the amount of $34,000. This commercial property bridge loan was funded in November 2019.
Bridge Loan for Brooklyn NY Vacant Multifamily Property
Private money bridge loan secured by a 13-unit multifamily building in the Sheepheads Bay neighborhood of Brooklyn, NY. The Borrower recently purchased a non-performing second mortgage secured by the property for a big discount and subsequently foreclosed. She needed a bridge loan in order to acquire a discounted, non-performing 1st mortgage from a large bank in the amount of $2,500,000. The Borrower put in $1,000,000 in cash so the loan-to-cost for our bridge loan is just 60%. The subject property is a 7-story 20,000 square foot building on a 6,600 square foot lot. The building is vacant and in need of extensive renovations, estimated at a cost of $2M. The Borrower plans to rehab the property and change the layout to include four additional residential units as well as a commercial unit on the ground floor. The units will likely be condominiums and sold upon completion. We estimate the value of the entire property to be over $7,000,000 upon completion. The term for this commercial bridge loan is one year, and it was funded in October 2015.