As a commercial mortgage lender, we were approached by a borrower looking to purchase a retail property in Bridgeport, Connecticut. The borrower was in need of a short-term loan, known as a bridge loan, to finance the purchase of the property while they secured long-term financing.
After reviewing the borrower's financial information and the details of the property, we determined that the borrower was qualified for a bridge loan. A bridge loan is a type of short-term loan that is used to "bridge" the gap between the purchase of a property and the securing of long-term financing.
We worked with the borrower to structure a loan that met their needs and provided them with the funds necessary to complete the purchase of the property. The loan terms included a higher interest rate than a traditional mortgage, as well as a shorter repayment period.
Overall, the financing of the retail property in Bridgeport, Connecticut via a bridge loan was a successful transaction for both the borrower and the lender. The borrower was able to purchase the property and secure long-term financing, while we were able to extend a loan that met the borrower's short-term needs and provided a solid return on investment.