Tomball, TX

$3,000,000

Condominium, Retail

Equity Cash Out

04/01/2019
Transaction by
Ontario Wealth Management Corporation
Ontario Wealth Management Corporation, a direct private mortgage lender, provided a bridge loan secured by a commercial plaza located in Tomball, Texas. 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 bridge loan was funded in April 2019.