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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

RECENT DEALS

PROPERTY TOWN LOAN AMOUNT PROPERTY TYPE
Revere $250,000 Single Family
Fairfield, CT $650, 000 Condo
Roslindale $330,000 Single Family
Hull $335,000 Two Family
Boston $1,000,000 Mixed-use
Dorchester $280,000 Condo
Acton $400,000 6 Unit Apartment Building
Quincy $440,000 Land
East Boston $875,000 Three Family
Roxbury $800,000 Mixed-Use
North Easton $210,000 Single Family
Hingham $1,050,000 land
East Boston $440,000 Portfolio of Multi-family Properties
Winthrop $478,000 Single Family
Somerville $840,000 Portfolio of Multi-family Properties
East Boston $500,000 Two Family
Scituate $270,000 Condo
Dorchester $287,500 Two Family
Bedford, MA $4,100,000 Commercial Land
Boston, MA $1,375,000 Portfolio of Multifamily Properties
Nantucket $1,150,000 Single Family
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
Nantucket, MA $3,500,000 Hotel
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
Taunton, MA $350,000 Land
Newburyport $415,000 Retail Restaurant Building
Boston, MA $1,100,000 Mixed Use Residential Retail
Boston, MA $225,000 Single Family
Nantucket, MA $700,000 Land
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

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