North Carolina Bridge Lenders for Commercial Real Estate

BridgeInvest, a direct CRE private lender, funded a $3.5 MM refinance bridge loan secured by a 148,000-square-foot industrial facility located in Kannapolis, North Carolina, a suburb north of Charlotte. The Borrower will use the cash-out loan proceeds to pay off existing loans and prepare the asset for sale. The property was vacant and not cash-flowing. It was most recently used as an FDA-approved pharmaceutical manufacturing plant with clean laboratory, office, and warehouse space. The high-spec equipment is a huge benefit and value-add. The Sponsor was a business owner with limited commercial real estate experience. However, we looked past that, and the loan was structured based on real estate collateral only. BridgeInvest executed and closed the transaction in a few weeks to meet the sponsor’s needs. This CRE property bridge loan was funded in March 2021.

BridgeInvest funded a $6,000,000 bridge loan for the acquisition of 180 acres of land located within the Charlotte, North Carolina metro area. The project will be developed into a single-family and townhome rental community totaling approximately 535 units. BridgeInvest was able to underwrite the transaction based on future development potential without final approvals and entitlements in place. The Sponsor is a residential and multifamily development firm based in Miami that provides attractive workforce housing options throughout historically underserved markets across the Southeast U.S. They took advantage of a rare opportunity to acquire a large tract of land within the I-485 loop that encircles Charlotte. BridgeInvest has previously financed other similar projects in Florida, North Carolina, and Tennessee. They trusted our previous track record of closing complex land acquisition opportunities together in an efficient and expeditious manner. This bridge loan was funded in March 2021.

Archway Fund recently closed a $5,025,000 bridge loan for the acquisition of a retail center located in Gastonia, a city east of Charlotte, North Carolina. Our loan was 75% of the $6,700,000 purchase price. The property is 94% occupied and anchored by a large grocery store. We were able to provide a quick closing to accommodate the purchase through auction and bridge the gap until they can secure traditional financing. One of the challenges with this transaction is the anchor tenant recently went through a bankruptcy and restructure. We were able to get comfortable with the tenant and moved forward to close the loan in a timely manner.