Liberty SBF recently provided direct funding on a 65 percent LTV $4.7 million bridge loan in Columbus, Ohio.
A real estate development company came to Liberty SBF needing to pay off multiple notes to multiple lenders covering six properties under a tight deadline. Liberty SBF stepped in after the borrower had been seeking a refinancing option for some time. Liberty SBF coordinated a single closing to simplify the mortgage structure. Since Liberty SBF’s loan comes with no pre-payment penalty, the borrower was able to secure conventional financing from a local bank for the take-out immediately.
The deal was brought to Liberty SBF by Mario Jackson of the Columbus, Ohio-based Christian Capital Group.
The properties included a mixed-use office/industrial building, three apartment complexes and two retail buildings.
“We understand that this loan was a huge broom to clean up a few pieces that fell out of place,” said Charles Bowles, Liberty SBF’s senior vice president of commercial lending.
