Envoy's most recent bridge loan — the financing of a Goodyear Wingfoot tire facility in Akron, Ohio — was an example of "unique value-add bridge loan financing for a value-add net lease deal," says Envoy president Ralph Cram.
"The borrower put this 33,000 square-foot Goodyear facility under contract and created value during the due diligence period by arranging a lease term extension with Goodyear," Cram says. "Envoy lent proceeds based on the new lease versus the old one."
Envoy's bridge loan program offers experienced developers and corporate users up to 90% loan-to-purchase price financing for short-term bridge loans for properties in transition. Learn more about Envoy's bridge loan program.