Bay Mountain Capital Closes $8.5 Million Loan
In a joint venture with a private debt fund, Bay Mountain Capital closed an $8.5 million loan. In contrast, this loan nearly doubled the previous July record of $4.4 million. The record-setting loan was secured by approximately 150 acres of light industrial land located in Austin, Texas.
The borrower plans to complete the horizontal infrastructure and subdivide the land into 1- 5-acre tracts. Furthermore, they plan on marketing the lots for sale to individual users. The project will act as a campus park, with a community clubhouse and walking trails. The Austin community is in need of this, and the unique plan and extra amenities will be a great addition to Austin’s economy.
Bryce Yamauchi, Bay Mountain’s Commercial Loan Originator explained, “The Austin light industrial market is among the hottest nationwide. Supply for 1- 5-acre tracts for individual users is extremely limited. This, combined with the borrower’s 23 years of development experience, makes us very bullish on this project.”
Remarks from Our Managing Partner
Bay Mountain Capital’s Managing Partner Dean Lontos added, “This loan marks an important milestone for our fund. Lenders backed with institutional capital typically dominate the $5 million-plus space. However, by foraying into this space through the syndication of loans with larger funds and family offices, we expect to tap into a new market that will be a driver of growth for us in the future.”
Since 2009, Bay Mountain Capital has funded more than 1,700 loans totaling more than $250 million on commercial and residential properties in all major Texas markets, as well as Atlanta, Georgia. Bay Mountain loans are based on the property’s completed value, including proposed improvements. This appeals to borrowers who can benefit from a higher leverage than a bank can offer. As a result, Bay Mountain’s reputation, expertise, and quick-to-close, common sense approach is attractive to sophisticated borrowers.
For more information contact:
(214)-953-3188 ext. 3
About Bay Mountain Capital
Bay Mountain Capital has been in business for more than a decade, closing over 2,250 loans. Furthermore, we specialize in financing all types of residential and commercial property investments throughout Texas, Tennessee, Oklahoma, and Georgia. Because we use a common sense and value-added approach, we incorporate these principles into our underwriting and closing processes.
As a direct lender, Bay Mountain Capital can close a loan within one day after receiving a complete file and clear title. The process generally takes two weeks for a residential loan. However, we can accelerate this where circumstances require it.
We are primarily an asset-based lender, which means that qualification requirements are limited. Our rates, fees, and terms are among the most competitive in the industry as well.
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