Equity Cash Out Bridge Loan for New Jersey Medical Office Condominiums

Private money bridge loan secured by 8 medical office condominium units in Jersey City, NJ. The Borrower operates a surgical medical facility at the property and needed to cash out equity to use for working capital and paying down some debt. The total space is approximately 11,000 square feet and the estimated value is over $2.6M, so the loan-to-value is under 50%. The Borrower pledged 2 residential properties as additional collateral. All properties were owned free-and-clear of any liens. We provided the Borrower with a six-month interest reserve facility as part of the loan amount. After 6 months the debt will be serviced by cash flow from the medical business. The Borrower plans to refinance with an institutional lender to pay off this 1st trust deed bridge loan within one year. It was funded in April 2015.