ATC Managers closed an $18.3 million bridge loan. This loan refinances an existing note purchase loan secured by a commercial office building.
The borrower, an experienced real estate investor, initially acquired the note with the intent to purchase the office property. However, unforeseen legal challenges concerning the property delayed the acquisition process, necessitating additional time to resolve these issues.
Understanding the urgency of the situation, the team at ATC Managers acted swiftly to secure a bridge loan with more favorable terms than the borrower’s previous financing. This new loan not only provides the necessary time to address the legal matters but also offers a more competitive interest rate, reducing the financial strain during this transition.
“We are proud to have supported our client through this complex transaction,” Vanmatre Wilbur, CEO of ATC Managers, said. “Our ability to deliver swift, efficient financing solutions customized to our clients’ needs sets us apart in the market. This bridge loan gives our client the flexibility needed to resolve the legal issues and successfully position the property for sale.”
