HENDERSON, NV (June 20, 2015) - Helvetica funded a quick bridge loan to enable the borrower to purchase an unstabilized, non-performing self-storage facility in Henderson, NV. The property provided no debt coverage and the borrower was unable to satisfy guidelines of a bank or traditional lender.
The Story
Helvetica was approached by a national commercial real estate brokerage firm in search of a bridge loan for one of their clients. The borrower was purchasing a self-storage facility in Henderson, Nevada and required a quick closing. The property had been severely mismanaged, was unstabilized and under performing. There was insuffficient debt coverage to meet the requirements of tradional bank guidelines. The borrower had a definitive plan to make improvements to the property and stabilize the asset. The borrower executed a similar plan on a comparable property in the same market, so Helvetica was confident they could repeat that success. Through great coordination with the brokerage firm, Helvetica was able to quickly provide the borrower with an 18 month bridge loan. With Helvetica’s loan, the borrower was able to purchase the property with a term that provided sufficient time to make property improvements and stabilize the asset.
Deal Highlights:
- Small Balance Commercial
- Quick Close
- Self-Storage
- Unstabilized
- Value-Add
- No Debt Coverage
- Bridge Loan
Helvetica bridge loans are ideal for borrowers who are looking to acquire and stabilize value-add properties. Helvetica also welcomes the opportunity to work with brokerage firms to assist with their clients' financing needs.
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