Fastest Business Loan Ever

Hoffman Consulting Group closed it’s fastest business loan ever yesterday December 6, 2011. The referral came from a local banker who was unable to meet the time constraints of theĀ  borrower and connected us as a potential solution. November 16th we began gathering our information with a closing on December 6th (22 Days).

We quickly met with the client and identified the bridge financing need. We paired down the information provided to a relevant package for bridge lenders to review and got right to work. This transaction was for $1,700,000 with an additional $250,000 interest reserve to make the payments out of. The note was extended for 2 years at an APR of 8%. For hard money this deal was extremely competitive (as a broker we were very surprised to get these terms). Origination points were 6% of the loan amount.

This is by no means the standard pricing or speed of bridge loans; however, this does demonstrate the competitive edge a professional broker can give you in the market place today. We happened to connect a lender who needed to get money loaned before the year end with a borrower under similar constraints. It truly was a win-win.

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