RealWebFunds, Inc has closed a $4,200,000 bridge loan for a 172 unit, to-be-completed apartment complex in Kentucky. The property was being developed in phases. Before completing the final phase, the original development team failed. In order to purchase the property, our borrower needed to consolidate the existing debt on the property as well as secure construction financing for the completion of the remaining 22 units. RealWebFunds found an apartment lender that was able to make a 90% of as-is-value commercial mortgage with their bridge loan financing. The bridge loan is interest only, priced at 3.0% over Prime. The new apartment loan paid off the construction lender and reserved funds for the completion of the project. Christy Slye, a RealWebFunds Commercial Mortgage Specialist was the originator for this transaction.
(PRWEB) October 30, 2004 -- RealWebFunds, Inc has closed a $4,200,000 bridge loan for a 172 unit, to-be-completed apartment complex in Kentucky. The property was being developed in phases. Before completing the final phase, the original development team failed. In order to purchase the property, the borrower needed to consolidate the existing debt on the property as well as secure construction financing for the completion of the remaining 22 units. RealWebFunds found an apartment lender that was able to make bridge loan with at 90% of the as-is value. The bridge loan is interest only, priced at 3.0% over Prime. The new apartment loan paid off the construction lender and reserved funds for the completion of the project. Christy Slye, a RealWebFunds Commercial Mortgage Specialist was the originator for this transaction.
About RealWebFunds
RealWebFunds, Inc. (www.realwebfunds.com) is a national commercial mortgage loan broker for real estate projects between $500,000 and $20,000,000. RealWebFunds is known for encouraging competition among commercial mortgage lenders to find the best commercial real estate financing available. Our commercial loan experts and Internet based commercial financing tools result in a service that is unmatched in efficiency, speed, and financing terms. In 2003, RealComm (http://www.realcomm.com) recognized RealWebFunds with a Digie Award for being a leader and innovator in the Commercial Real Estate industry.
For More Information Contact:
Christy Slye
cslye@realwebfunds.com
888-314-3625 x117
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