An Allentown investor needed capital to close an acquisition ahead of planned property sales. GSM placed a $600,000 12-month private bridge loan against two downtown mixed-use buildings and closed it in under four weeks.
An Allentown investor needed to close on an acquisition ahead of planned property sales. Two downtown mixed-use buildings served as collateral: one with two apartments and two commercial units, the other with two apartments over a storefront.
Residential DSCR loans don't fit mixed-use buildings with commercial space on the ground floor, and a commercial DSCR loan looks for seasoned leases. GSM placed a $600,000 12-month private bridge loan with an extension option instead, and it closed in under four weeks.
The exit is the planned sales, or a commercial DSCR refinance once the leases season.
More on our work in the Lehigh Valley.