| Transaction: |
Polo Glen, Plantation , FL |
| Property Type: |
Condominium Conversion (230 units) |
| Structure: |
Bridge Loan |
| MF Loan: |
$45,500,000 |
| Date: |
Jun 2005 |
| Broker: |
N/A – Repeat Borrower |
| Senior Loan: |
N/A – Whole Loan Issued by MF |
| Description: |
Borrower has closed a number of bridge transactions with Mountain Funding, most of which required quick closings. In this instance, the loan had to close within 2 weeks. Previously, Mountain Funding and Borrower had agreed to establish a fixed pricing, due diligence and documentation format enabling them to tie up great opportunities quickly knowing their financing was in place. In fact, Borrower closed another large Florida condo conversion project with Mountain the same day as this one.
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