Layla Capital Closes Bridge Loan for Hamptons Property
NYC-Based Nationwide Direct Commercial Real Estate Bridge Lender Layla Capital Closes Bridge Loan for Single-Family Investment Property in the Hamptons
Layla Capital worked diligently and efficiently with the borrower to provide flexible terms that worked for all parties, including a one-year bridge loan with an extension option.
Layla Capital, a New York City-based private and direct commercial real estate bridge lender that focuses on opportunities in the Northeast and top 50 MSA’s nationwide, announced that it has closed a bridge loan for a single-family investment property in Amagansett, NY (the Hamptons).
The loan closed on September 14, 2017, which was just eight days after the term sheet was signed. Layla Capital worked diligently and efficiently with the borrower to provide flexible terms that worked for all parties, including a one-year bridge loan with an extension option. Leading investment advisory firm Equicap served as the broker of record, and played a pivotal role in ensuring a streamlined and successful process.
In addition, Layla Capital structured the loan as interest only with an interest reserve holdback, which provided the borrower, who is a successful developer with other projects in the NYC boroughs and the Hamptons, with working capital for another real estate project in Brooklyn.
“This transaction required a lender that could close quickly and provide a single-digit interest rate, and was willing to lean forward and provide flexible terms and options,” commented Layla Capital’s founder and CEO Justin Cooper. “We issued a term sheet and committed to the transaction within 24 hours of completing our initial due diligence, and as expected the process moved ahead efficiently and successfully. Equicap also did an exceptional job of helping get the loan to the finish line and facilitate a quick closing.”