Boca Raton, FL, March 14, 2023: QuickLiquidity, a direct lender for commercial real estate, has announced the closing of a $325,000 first mortgage bridge loan. The loan was secured by a Sunoco gas station with two pumps and a convenience store. The property is located in Horsham, PA.
The borrower had an existing senior mortgage that had recently matured but due to their low credit score they were unable to refinance into a permanent loan with a traditional bank.
By working with QuickLiquidity, the borrower was able to repay their existing lender and avoid paying an expensive default interest rate and the foreclosure process.
The borrower received a 1-year loan term which should be ample time for them to improve their credit score and then refinance into permanent financing at a cheaper interest rate.
It took only 10 days for this loan to be closed once the term sheet was fully signed. There were no credit score requirements and there was no appraisal required.
This loan was brought to QuickLiquidity by a mortgage broker who earned $6,000 as a commission. QuickLiquidity protects all mortgage brokers who submit deals to them by adding them to their term sheet and paying them off the HUD-1 at closing.
“The commercial real estate bridge loan space is incredibly competitive. So why do borrowers continuously choose to work with us?” asked A. Yoni Miller, Principal of QuickLiquidity. “It’s because we have a proven track record of closing time-sensitive transactions. We let our borrowers tell us what matters the most to them and then we create tailored loans to meet their specific needs. We care about what they care about.”
Have questions regarding 1st mortgage bridge loans? Give us a call right now at 561-221-0881.
