MICHIGAN RETAIL PROPERTIES
LFB successfully structured a $1,042,000 bridge loan secured by two retail centers located in the Detroit and Saginaw MSA’s of Michigan. A commercial real estate agent approached LFB in search of financing for their client who was purchasing a value-add strip center from an online auction platform. After winning the bid, the borrower had to close quickly on the transaction. The property had high vacancy and was ineligible for traditional bank financing. The borrower also needed high leverage on the purchase. Through one its correspondent partners, LFB structured the bridge loan that cross collateralized another retail property the borrower owned free and clear.
The 24-month bridge loan features interest only payments and does not include a prepayment penalty. The financing provides borrower with enough time and flexibility to stabilize the assets and refinance into permanent bank debt. LFB welcomes the opportunity to work with real estate agents who are seeking financing for their clients and prospective buyers.