FREEDOM FINANCIAL FUNDS ADDS VALUE WITH $9.5 MILLION BRIDGE LOAN FOR A NORTHERN CALIFORNIA SHOPPING CENTER
June 15, 2021
Freedom Financial Funds, LLC recently demonstrated how it adds value to its long-term relationships by making a stretch deal possible for its client.
A good client approached Freedom with an existing 98,000 square foot Safeway-anchored shopping center in escrow to purchase in a small Northern California town. The borrower was seeking financing for the acquisition and renovation of the 66% leased center. He also had a tenant in tow to take the vacant drug store space, after which the center would be 87% leased.
However, Freedom was aware that the client’s financial position was insufficient to undertake such a large project singlehandedly. Rather than pass on a solid deal with a known client, the Freedom team offered a creative solution. They suggested a meeting with another Freedom client, one with greater financial capacity as well as additional industry contacts and experience.
The meeting was a success. The two clients hit it off and formed a special purpose entity through which they obtained $9.5 million in bridge financing from Freedom to purchase the shopping Center.
This loan had all the elements Freedom looks for: strong people; sound credit; good real estate; a make-sense loan purpose and business plan; a solid primary source of repayment; and a good secondary source of repayment. Historically, Freedom’s experienced financial executives and elevated underwriting standards have yielded excellent results. Over the last decade, Freedom has originated more than 400 loans totaling over $1.5 billion — without a single loss.
Freedom also places a premium on relationships. More than 80% of its business is with repeat borrowers. They choose Freedom over local or regional banks because Freedom provides unparalleled service, structural creativity and offers a certainty of execution that is unsurpassed within the industry.
Freedom offers a broad range of financing solutions to real estate professionals, adding value to projects from $2.5 million to $10 million located in the Western United States. Build-to-Suit financing is offered nationally.