Procida Funding & Advisors, a New Jersey based direct lender, provided a $3 million bridge loan on a time sensitive transaction.
The loan is secured by four light industrial properties totaling over 27,000 s/d in Union County, NJ.
The proceeds were used to refinance existing debt as well as provide working capital.
“Our client required a reliable and quick execution when their takeout lender tried to change the terms of the loan on the day of closing,” said Jessica Lacy, of Procida Funding.
“We were able to expedite the due diligence process and provide flexible underwriting to complete the refinance within the allotted time frame.”
Procida’ s 100 Mile Fund lends on properties within a 100-mile radius of their Englewood Cliffs, New Jersey office.
It targets the niche $25 million market and has been instrumental in allowing developers to finish localized projects, as well as provide quick turnaround loans in special situations to its clients.
