On this Thanksgiving, we’re not only giving thanks for family, great friendships, and mouthwatering dishes. We’re thankful for our borrowers, and thankful to be able to help fund their investment deals.
Earlier this year, we had the opportunity to work with Matador Holdings LLC, who planned to transform a vacant two-story warehouse in Bethlehem, PA into beautiful luxury apartments. Working under the time constraints of a 1031 exchange, they needed to find a flexible capital partner who could execute quickly.
“We needed to be able to move fast and work with a lender who understood the complexities of the financing,” said Garrett B, one of the Partners with Matador Holdings.
With our ability to specialize in flexibility and speed, DLP Direct Lending Partners provided the borrowers with $3.48 million in funding for the project in less than 3 weeks. Brion Yarnell, Vice President of Funding Relationships at DLP Direct Lending Partners, worked with the investors to issue a multi-family bridge loan.
“It was a pleasure to have the opportunity to work with Garrett and Brandon with Matador, they are one of the most successful developers in Bethlehem who have been renovating dated buildings for over 30 years,” commented Brion. “We worked through a structural engineering issue, and some last minute delays to get the the deal across the table on time.”
Matador Holdings purchased the distressed warehouse for $700,000, and plan to complete a $3 million renovation to reposition the the property into luxury apartments by December 2018. The apartments will provide off-street parking, Class A amenities, and quick access to downtown Bethlehem. Once the renovations are completed, the value of the property is estimated to increase to $5.4 million.
“DLP Direct Lending Partners provided us with flexibility and speed. Everyone we worked with was great,” added Garrett.
We’d be grateful for the opportunity to fund your projects! Click below to start an application, today!
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