Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/29/2022
Property Type
Property City
Burlington
Property State
NJ
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$3,110,000
Loan-to-Purchase Price
45%
Borrower's Contribution to Purchase
55%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Exit Strategy
Conventional Loan
Deal Summary
Ontario Wealth Management Corporation, a direct commercial real estate lender, funded a $1,400,000 1st lien position bridge loan for the acquisition of an automotive dealership and repair facility in Burlington, NJ. We funded 45% of the $3,110,000 purchase price, while the Borrower contributed 55% cash at closing. The property, which sits on 5 acres of land, consists of a 5,000-square-foot showroom, and a 17,000-square-foot service area. Burlington is part of the Greater Philadelphia Metropolitan Area, which is home to over 6 million residents. The Sponsors are experienced car dealership operators with multiple locations throughout the state of New Jersey. They plan to refinance with a conventional loan as an exit strategy. The loan term was set at 12 months. This CRE bridge loan was funded in September 2022.