CRE Bridge Loan, Detroit, Michigan - Car Wash Acquisition
Client: A real estate investor seeking to expand in the car wash industry.
Transaction: Acquisition loan for car wash and real estate located outside of Detroit, Michigan.
Challenge: Client needed to close quickly before year end to take advantage of favorable tax planning (accelerated depreciation). SBA lender was not able to close the deal within the short timeframe.
Opportunity: Conventional financing could not close within the timeframe and Sherpa Capital Group LLC was able to complete diligence, site visit and provide financing within 3 weeks.
Action: Sherpa Capital Group LLC provided a first mortgage and borrowers exit strategy is to make improvements and refinance with an SBA lender within 12 months.
Transaction: Acquisition loan for car wash and real estate located outside of Detroit, Michigan.
Challenge: Client needed to close quickly before year end to take advantage of favorable tax planning (accelerated depreciation). SBA lender was not able to close the deal within the short timeframe.
Opportunity: Conventional financing could not close within the timeframe and Sherpa Capital Group LLC was able to complete diligence, site visit and provide financing within 3 weeks.
Action: Sherpa Capital Group LLC provided a first mortgage and borrowers exit strategy is to make improvements and refinance with an SBA lender within 12 months.
