UC Funding has closed on a $4.1 million bridge loan in connection with the acquisition of a 56 unit multifamily property located in South Beach. The transaction was underwritten and closed in under 14 days.
"After two other lenders proved unable to meet the needs of the borrower, UC Funding was able to step up, expedite the underwriting and closing processes, and deliver the needed capital in a timely and efficient manner," said Dan Palmier, president and CEO of UC Funding. "As a result of other lenders' inability to fulfill the financing requirements of this transaction, the borrower was left 'holding the bag' with very little time to spare and substantial earnest money at risk."
"UC Funding, having great experience in and understanding of such opportunities, was able to put its talent and resources to work and deliver - once again," he said.
UC Funding offers clients a full-service structured finance platform with offices in Boston, New York and Miami. UC Funding has closed $99.7 million in transactions in the last 60 days. Tags: