Bridge Loan – Lower East Side Multi-Family
August 9, 2023
CommercialMortgages.com is excited to share that they have provided a bridge loan of $2,150,000 for a multifamily building located in the vibrant Lower East Side neighborhood of Manhattan. This building boasts eight residential units and is conveniently situated just a few steps away from the iconic Central Park.
The buyer had previously tried to obtain a mortgage from another commercial lender but was unsuccessful because the property was vacant plus the buyer was a foreign national, a Canadian citizen. We were able to secure this loan with favorable terms with no prepayment penalties.