Bridge Loan for Chicago Office Building REO Purchase

Funded by Bloomfield Capital

$1,800,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

07/01/2014

Property Type
Office
Property City

Chicago

Property State

IL

Interest Rate

%

Origination Points

%

Deal Summary

$1.8MM bridge loan for the purchase of a 40,000 square foot bank-owned office building in suburban Chicago. This transaction, completed in July 2014, is a great example of an undervalued REO asset with significant potential that was being mismanaged due to bank ownership. This bridge loan allowed the Borrower to quickly close the transaction and preserve $100,000 in equity that would have otherwise been at risk. The loan also provides for a capital improvement reserve to allow for renovations on vacant space as new leases are signed. The Borrower put down 20% cash, and the LTC (loan-to-cost) for this senior bridge loan is 80%.

Funded By

Bloomfield Capital

The Direct Bridge Lender and Equity Provider for Urgent Projects