JEWEL CAPITAL, a boutique commercial real estate finance and advisory firm, has arranged a $1,000,000 bridge loan secured by a 122,416 SF development site located in Roslyn, NY. With interest rate at 10.00% and low origination fee at 1.00%, this one-year bridge loan is used for site preparation of the subject property. Site preparation includes land clearing, road drainage, sanitary sewer system, water service, curbs and roadway. In 2014, the borrower purchased the land for $1,450,000 and obtained the subdivision approval from local building department that the property will be subdivided into 4 individual lots. In Dec 2015, the appraisal value of the property was $2,840,000. This is borrower’s first development project in the U.S., and Jewel Capital successfully closed the loan with only corporate guarantee required.
The borrower is a wholly-owned U.S. subsidiary, with its parent company in China. Jewel Capital work closely with both the subsidiary and the parent company, informed the borrower of financing procedures and regulations in the U.S., and managed to connect the borrower with appropriate lender. Personal guarantee is generally required to apply for a bridge loan under $1,000,000. Although the borrower didn’t have qualified assets in the U.S., Jewel Capital arranged the loan guaranteed by the foreign parent company, which is the first time Jewel Capital closed a bridge loan without personal guarantee.
JEWEL CAPITAL is a boutique New York-based commercial real estate finance and advisory firm. By leverage our unique lender relationships developed over the years, we are able to provide our clients with tailored, best-in-class financing solutions primarily in the Greater New York metropolitan area. At Jewel Capital, we are committed to guide our clients through every step of the deal-making process, and we hope to add a “Personal Touch to Your Financing Needs”.
For more information about JEWEL CAPITAL, please contact:
Tel.: +1 (347) 535-1314 Ext. 101
Fax: +1 (347) 535-1314