$3,500,000 Land Acquisition Loan Closed

513 Capital, a Cincinnati-based finance intermediary, is pleased to announce the closing of a $3.5MM land acquisition loan closed in Charlotte, NC.

A previous client, a hotel operator and developer, was under contract to purchase property near the Charlotte airport. His contract was running out of time and his plan A to fund the acquisition was running behind.

513 Capital was engaged to find a bridge loan to close quickly. We were able to find a bridge lender who would fund the acquisition as long as it was tied into one of his cash-flowing hotel properties. Working through many technical items we were able to fund an interest only loan for 18 months and no pre-payment penalty.

513 Capital specializes in bank, SBA, CMBS, and private commercial real estate funding.

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