BIRMINGHAM, Mich., April 27, 2016 /PRNewswire/ -- Bloomfield Capital, a national direct lender and specialty real estate finance firm, has announced the closing of a $1.5 million senior bridge loan. The loan proceeds were used to fund the redemption of several commercial real estate assets all located in Metro Detroit, MI.
"This transaction allowed the Sponsor to take advantage of a 20% discount to the prior loan balance," stated Jason Jarjosa, a principal at Bloomfield Capital. "The Sponsor's original note was acquired by a third party as part of a bulk loan sale. Upon maturity, the note was called, and that's when Bloomfield was able to structure a fast moving bridge loan to repay the prior debt at a discount," Jarjosa added.
Bloomfield's senior bridge loan also allows for partial releases as the Sponsor sells collateral or refinances individual assets with a conventional lender. The flexible release provision and a willingness to structure the loan to meet the Sponsor's particular needs allowed Bloomfield to help the Sponsor restructure and stabilize the portfolio of assets.
About Bloomfield Capital
Bloomfield Capital meets the needs of time-sensitive transactions by specializing in small-medium balance debt origination and acquisition opportunities ($1,000,000 - $15,000,000) with owners, operators and developers throughout the nation.
We offer particular expertise in unconventional financings where industry acumen, local knowledge and attention to special circumstances will result in a substantial financial advantage to the sponsor.
Bloomfield Capital Contact:
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SOURCE Bloomfield Capital