According to BRT president Jeffrey Gould, the loan enabled the borrower to avoid a foreclosure action. The proceeds of the funding will also be used to provide capital for property improvements. Closed in approximately three weeks, the loan has a one-year term with another 12-month option.
Founded in 1972, BRT Realty Trust is a public mortgage REIT that provides first and second mortgages, short-term bridge and participating loans to 90%. The company services loan requests from $500,000 to $20 million for retail, office, industrial and multifamily properties nationally.
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