Braintree Development Bridge Loan
Details: The borrower was buying a 20 acre development site that required permitting. The borrower needed a bridge loan to acquire the property and fund soft costs while they permitted the site and obtained a construction loan.
Problem: The borrower wanted to close in two weeks and the borrower could not find a bank that would provide a loan secured by an unpermitted site in a timely manner.
Solution: Wallace Capital provided an acquisition bridge loan on the property within two weeks of being contacted by the borrower.
Property Type: 101,000 sq. ft vacant building requiring renovations on 20 acres of land
Loan Amount: $1,650,000
Loan Term: 12 months with two, six month extensions
Interest Rate: 12% interest only
Brookline Bridge & Construction Loan
Details:The borrower owned a mixed use retail building and operated a restaurant within the building. The borrower wanted to close the restaurant and reposition the property into a rental property to be leased by a new restaurant. The borrower requested a loan to fund the build out for the new restaurant, pay off a matured loan on the building and to pay various other debts. Once the property was built out and the tenant moved in, the borrower refinanced with a permanent lender.
Problem: The borrower had weak credit due to the inability to pay vendors and needed immediate cash for a new tenant build out.
Solution:Wallace Capital provided a first mortgage loan on the property within two weeks of being contacted by the borrower to fund the build out for the new tenant and to pay off all debt and creditors.
Property Type: Approximately 5,900 sq. ft. of mixed use and residential space
Loan Amount: $1,785,000
Loan Term: 18 months with two, six month extensions
Interest Rate: 12.5% interest only
|PROPERTY TOWN||LOAN AMOUNT||PROPERTY TYPE|
|Bedford, MA||$4,100,000||Commercial Land|
|Boston, MA||$1,375,000||Portfolio of Multifamily Properties|
|Everett, MA||$400,000||Industrial Building|
|Worcester, MA||$300,000||12 Unit Apartment Building|
|Holliston, MA||$300,000||Single Family|
|Braintree, MA||$1,200,000||Industrial Building|
|Martha's Vineyard, MA||$1,100,000||Residential Land|
|Foster, RI||$700,000||Single Family and Land|
|Boston, MA||$900,000||Mixed Use Residential Retail|
|Falmouth, MA||$2,200,000||Golf Course|
|Bedford, NH||$1,500,000||Office Building|
|Ossipee, NH||$1,400,000||Cottages and Rental Homes|
|Revere, MA||$4,300,000||90 Unit Apartment Building|
|Wellesley, MA||$7,000,000||Motel and Land|
|Acton, MA||$325,000||Single Family|
|Worcester, MA||$570,000||20 unit Apartment Building|
|Peabody, MA||$550,000||Townhouse Construction Loan|
|South Boston, MA||$500,000||Residential Condominium|
|Newburyport||$415,000||Retail Restaurant Building|
|Boston, MA||$1,100,000||Mixed Use Residential Retail|
|Boston, MA||$225,000||Single Family|
|Danvers, MA||$500,000||Townhouse Construction Loan|
|Mattapan, MA||$220,000||Three Family|
|Malden/Medford, MA||$775,000||70 Condo Units|
|Harwich, MA||$1,700,000||Single Family|
|Dorchester, MA||$203,000||Three Family|