Jake was in need of $1,000,000 to purchase a property. He wanted to collateralize it with another asset of his, an apartment building that had $10,000,000 of existing debt with a loan that did not allow him to take out a second position. The apartment building was under contract to be sold for $22,850,000 in 60 days, and the buyer was hard on his contract with $1,750,000 already down. But the timing wasn’t soon enough to provide the needed cash for the new purchase.
Nexus took a creative approach and set up a $1,000,000 loan. It was collateralized by a 100% interest in the entity that owned the apartment building and funded in less than 24 hours.