The BSC Group recently arranged a $4.6MM bridge loan for an east coast sponsor. The financing package was used to refinance a self storage property that had not hit stabilization prior to the maturity of an acquisition loan that was placed on the property 24 months earlier. The new 5 year interest only loan featured a competitive spread of 375 basis points over Libor and is open to prepayment free of penalty after month 36. At 90% of cost, proceeds from the loan were used to not only pay off the acquisition loan, but also return significant equity to the investors.
About The BSC Group
The BSC Group, LLC (http://thebscgroup.com) was formed in 2009 and provides mortgage brokerage, financial consulting, and loan workout solutions to commercial real estate property owners. Utilizing market expertise and a robust capital source network, the firm arranges debt and equity financing for commercial real estate investments nationwide, with a special emphasis on the self-storage asset class.