Bloomfield Capital closes $1.5 MM senior bridge loan on Houston multifamily property purchased on Auction.com in five days
BIRMINGHAM, Mich., Oct. 3, 2012 /PRNewswire/ -- Bloomfield Capital, a specialty finance firm focused on originating and purchasing commercial real estate loans, has announced the closing of a $1,500,000 senior bridge loan secured by a 160-unit multifamily property in Houston, Texas.
Bloomfield's borrower purchased the asset at auction on Auction.com, and Bloomfield was able to close the transaction in five business days.
"As online platforms such as Auction.com have become a mainstay for liquidating real estate assets, dependable bridge capital is frequently the only way to consummate a transaction," said Brent Truscott, a principal at Bloomfield Capital. "This transaction is another example of Bloomfield's ability to quickly assess a situation and act immediately when time is of the essence. Few lenders could wrap their arms around a five-day closing-window and perform as promised."
Headquartered in Birmingham, Mich., Bloomfield Capital is a direct real estate lender and equity investor meeting the demands of time-sensitive transactions. The firm specializes in small to medium-balance debt opportunities ($1 million to $15 million) and select joint-venture equity participations with owners, operators and developers throughout the nation. Bloomfield Capital offers 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. As a direct investor and lender, Bloomfield is able to create flexible, custom-tailored investment solutions to each borrower's unique situation. With offices in the Detroit and Chicago markets, Bloomfield Capital can be found on the Web at www.bloomfieldcapital.com.
For more information, please contact Brent Truscott at (248) 745-1700, or via email at firstname.lastname@example.org.
SOURCE Bloomfield Capital