StackSource's Justin Wolk arranged a line of credit of $1.5 Million.
The bridge-to-perm credit facility will allow for a 12 month period to recap, upgrade, and follow the market, automatically rolling into permanent debt in year 2. A total of 30 assets were included as part of the initial funding.
This borrower was out of state, so it was important for them to have a flexible line of credit in order to continue to purchase properties and use the funding on-demand, in order to not miss out on deals due to timing. StackSource and our lending partner have a great vision for downtown Detroit, and we were able to assess the market quickly and accurately, resulting in a favorable financing deal for this client.