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Williamsburgh, Brooklyn - Bridge Loan for Condo Development Site
$500,000 First Mortgage Loan | Term: 1 year
This is a $500,000 first mortgage/bridge loan on a fully entitled building parcel in Williamsburgh, Brooklyn. Approved building plans are now in place for a 9-story condominium building which will have excellent city views, artist studios and parking. The developer purchased the land all cash approximately a year ago for $927,000. Values in this neighborhood have increased drastically in the past year. Our bridge loan will help to pay pre-development expenses and will be retired once the construction loan closes.
This is a $500,000 first mortgage/bridge loan on a fully entitled building parcel in Williamsburgh, Brooklyn. Approved building plans are now in place for a 9-story condominium building which will have excellent city views, artist studios and parking. The developer purchased the land all cash approximately a year ago for $927,000. Values in this neighborhood have increased drastically in the past year. Our bridge loan will help to pay pre-development expenses and will be retired once the construction loan closes.
