We provided a short-term line of credit refinance loan to an owner of a struggling historical apartment building facing a potential electricity shutoff within two weeks. With more than 40 residents occupying the property, the borrowers needed an immediate financing solution to stabilize operations, satisfy delinquent utility obligations, and maintain safe living conditions for the tenants.
After reviewing the situation and obtaining federal bankruptcy court approval, our Next Bridge Funding team worked closely with the borrower to structure a customized sixmonth, $1,200,000 asset-based line of credit tailored to the property’s operational needs and timeline. The loan proceeds were used to bring the electricity account current, provide access to working capital, and cover ongoing business expenses necessary to maintain the property.
By focusing on the underlying value of the asset and moving quickly through the underwriting and closing process, we were able to provide a flexible financing solution that traditional lenders were unable to accommodate within the critical two-week timeframe.
