May 2017 — Bloomfield Capital, a national direct lender and specialty real estate finance firm, has announced the closing of a $1,230,000 senior bridge loan. The loan proceeds were used to refinance a medical office building located in greater Grand Rapids, Michigan.
“Bloomfield’s funds provided the Sponsor the capital necessary to refinance a maturing loan and implement a reserve account for working capital needs”, stated Brent Truscott, a principal at Bloomfield Capital. “This transaction allows the Sponsor the time necessary to find the best long-term financing for the property while utilizing a senior bridge loan,” Truscott added.
As a direct lender with an in-house credit committee, Bloomfield is able to customize its loan programs for borrowers that may need to capitalize on a fast moving opportunity, restructure complex loan scenarios, or where a bank lender may not be responsive enough to perform in a time-constrained manner.
