Florida redevelopment receives a boost with an accelerated investment of $9.5m
A commercial real estate developer, has secured a $9.5m bridge loan from alternative funding provider Growth Lending, for the first phase of a redevelopment project in Florida.
The business will use the funds to accelerate a project that will transform a development-ready plot into a multipurpose commercial hub for retail, hospitality and commerce. The full construction and operations of this development will create more than 700 jobs and contribute significantly to Florida’s micro-economy.
The firm is in the process of obtaining a loan under the US Department of Agriculture (USDA)’s guaranteed loan programme with Greater Commercial Lending, but accelerated access to capital via a bridge loan enables the business to expedite the construction project.
Growth Lending works in collaboration with lenders of the USDA guaranteed loan programme by providing bridge loans that give borrowers faster access to capital. The bridge loan is then repaid when the borrower receives funds from the USDA guarantee programme.
Doreen Lorinczi, Vice President at Greater Commercial Lending, says, “The USDA guaranteed loan program is a fantastic tool for rural businesses seeking to grow and better serve their communities. We’re pleased to help companies apply for and receive these loans, which provide funding at favorable terms often not available through conventional sources.
“We’re also happy that Growth Lending is there to provide bridge loans to companies as they await the closing of their USDA-guaranteed loans. The accelerated access to cash is often extremely helpful to these worthy commercial borrowers.”
Kerry Barron, Senior Debt Structuring Manager at Growth Lending, says: “We are delighted to work alongside Greater Commercial Lending and support this rural business with the capital it needs to accelerate a major construction project.
“This project will have a direct impact on the state’s micro-economy and is exactly the type of rural development that our bridge loan is designed to support.”
Find out more about USDA bridge loans here.