CRE Bridge Loan for Retail Property Acquisition in Independence, Oregon

First Bridge Lending, a direct private mortgage lender, provided a $1,500,000 bridge loan to secure the acquisition of a retail property in Independence, OR. We funded 28% of the $5,315,000 purchase price in 1st lien position. The Borrower contributed 19% cash at closing, and the remaining 53% of the purchase was financed by the seller in 2nd lien position. The Borrower was acquiring a retail center with a vacant anchor tenant. They had a tenant in tow but needed time to execute the lease and make the necessary tenant improvements before occupancy and rent commencement. In addition to the vacancy, many other lenders would not allow a seller-carry second lien on the property. This was perfectly acceptable to us and it gave us a very conservative loan-to-value. The Borrower self-funded the improvements. Aside from the anchor unit, the rest of the property was leased. The subject property was in good condition and partially occupied at closing. The Borrower had excellent credit. They plan to lease up the vacant units and eventually refinance as an exit strategy. The loan term was set at 18 months. This CRE bridge loan was funded in November 2022.