Stabilized Bridge Loan Featured Deal in New Bedford, Massachusetts
Torin Francis, one of Asset Based Lending’s leading loan officers, recently closed a stabilized bridge loan in New Bedford, Massachusetts with a new borrower.
This acquisition of a 5-unit property, marks a significant milestone for the investor who has added four properties to his portfolio within the last 48 months.
Previously, the investor was working with a broker who was limited to working with lenders that can only finance 1-4 units.
Since they needed financing on a larger property, the investor found another broker and explained what they were looking for.
That broker knew Torin and ABL could quickly close on this type of investment strategy.
The property was purchased for $580,000 with no renovations needed, and was valued on an as-is basis at $604,000.
With pressure from the seller to commit quickly, the investor turned to Torin for a reliable solution.
Torin acted promptly, providing a term sheet upon receiving the file and expediting the underwriting process. The urgency of the situation led to a smooth transition from inquiry to commitment.
Given that 4 of the 5 units were already rented and stabilized, the logical choice was to pursue a stabilized bridge loan for acquisition.
This not only ensured a quick closing but also laid the groundwork for future refinancing, allowing long-term ownership.
ABL’s ability to finance multifamily properties with both bridge and long-term loans played a crucial role, offering tailored financing to suit the investor’s needs.
This successful transaction highlights the importance of quick closing and reliability in real estate financing.
New Bedford has a rich history and vibrant culture, offering a lot of experiences for visitors and locals alike.
From a variety of locally owned eateries serving authentic cuisine, ranging from Portuguese to Greek dishes, to recreational activities like golf ranges, and a captivating downtown area showcasing the city’s whaling history, there’s something for everyone to enjoy in this dynamic area.
These local amenities make it a perfect spot for real estate investors.
To learn more about Asset Based Lending’s Stabilized Bridge Loans, or to work with Torin on potential deals, get qualified today.