Our borrowers were in desperate need of rehab money for another project they were trying to complete unrelated to this property. They had an existing loan of $1 million on this salvage yard and needed an additional $800K.
Salvage yards are not the easiest properties to finance due to all of the environmental concerns that can come up. Also, the property was cross-collateralized with another property and we had to coax their current bank into releasing it.
We Secured The Bridge Loan
Ivanhoe Capital Advisors was able to close this deal even with the liquidity and credit issues the borrowers had and the fact that the property-type is not the most desirable.
As a result, our client received approval for a $1.83 million bridge loan.
