Inland Mortgage Capital is Closing Deals

August 06, 2024

 

Inland Mortgage Capital's $9,950,000 Non-Recourse Bridge Loan Funds a Retail Center in Suburban Chicago

 

Inland Mortgage Capital (IMC) recently closed on a $9,950,000 non-recourse* first mortgage loan for a 153,000 sf shopping center in the western suburbs of Chicago. The property was 58% occupied at closing. The Borrower was acquiring the property from an institutional investor looking to liquidate the remainder of a portfolio acquired several years ago. The Borrower had to agree to a fairly quick closing to win the deal. The carve-out guarantor was a new opportunity fund without a significant balance sheet.

 

INLAND MORTGAGE CAPITAL WAS ABLE TO CLOSE THE LOAN IN 45 DAYS, DESPITE SEVERAL CHALLENGES:

  • The center was tired and the seller was more focused on disposition than occupancy
  • There was substantial deferred maintenance
  • IMC overcame an environmental condition that was not going to be resolved before the loan closing
  • Buyer had procured a potential outparcel tenant but the lease could not be a contingency of the loan closing
  • There was some unsatisfied entitlement risk associated with the outparcel lease.

 

IMC and the Borrower saw the potential of the center due to the excellent demographics, various surrounding re-development, and high overall occupancy in the submarket. The sponsors had an excellent track record and this type of project was right in their wheelhouse.

 

 

NEED A NON-RECOURSE BRIDGE LOAN?
INLAND MORTGAGE CAPITAL IS LENDING

 

IMC has capital for new bridge loan opportunities in almost all property types typically for value-added commercial real estate. Loans are non-recourse*, nationwide, and typically with no prepayment premium with amounts from $3 Million to $15 million.

 

Inland Mortgage Capital is an experienced NON-RECOURSE bridge lender providing capital for value-added commercial real estate properties throughout the country.

Our program is tailored for opportunistic projects in need of intermediate-term mortgages with terms of up to 3 years. IMC funds floating rate loans up to 75% stabilized LTV.

From real estate in need of repositioning, to distressed properties, our firm provides loans for property types such as:
• Retail
• Industrial
• Apartment
and certain other property types.