Equity Cash Out Bridge Loan for Retail Property in Tomball, Texas

Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date

04/01/2019

Property Type
Condominium
Retail
Property City

Tomball

Property State

TX

Lien Type

1st Mortgage

Payment Type

Interest Only

Building Square Footage

23,000

Deal Summary

Ontario Wealth Management Corporation, a direct private mortgage lender, funded a $3,000,00 1st lien position bridge loan secured by a commercial plaza located in Tomball, TX. The Borrower needed to cash out equity on the property to use for the acquisition of inventory for their business. The property is a 23,000-square-foot newly built commercial retail plaza 35 miles north of Downtown Houston. Although the property had a good amount of equity, the Borrower pledged an additional property to maximize the loan amount. The property that we cross-collateralized is a 1,200-square-foot residential condominium unit in Midtown Manhattan, NY. This CRE equity cash out loan was funded in April 2019.

Funded By

Ontario Wealth Management Corporation

Direct Lender for Commercial Real Estate Bridge Loans