Gauntlet Capital Finances $3,150,000 Distressed Debt Acquisition
Gauntlet Commercial Real Estate Capital ("Gauntlet CREC") has closed on a third party loan acquisition in Sacramento, CA, financing a distressed debt investor. The sponsor acquired a non-performing loan, with an approximate loan balance of $3,150,000, from a life insurance company, Mission Capital in New York was the loan sale adviser. Gauntlet was contacted when the sponsor won the bid and posted a non-refundable deposit, requiring to close in one week. The loan closed within 5 days of receipt of the due diligence documents.
"We are ready and able to finance investors who have managed to secure quality transactions through Mission Capital’s well-known bidding platform, particularly if the asset is in CA. Our timing and flexibility to investors purchasing distressed debt secured by commercial real estate is unmatched in the marketplace. "said Peter Benson, Manager of Business Development.
The property was a two-building retail property, close to 15,000SF, which was 82% occupied at the time of closing. The sponsor plans to do a work-out with the borrowers, with Gauntlet participation. Gauntlet provided 65%LTC on the transaction.
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on 03/14/2012
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