Charter School Loan Closed!

Segway Funding, Inc (www.segwayfunding.com) is pleased to announce the successful funding and subsequent loan closing for a Charter School Building. The developers need a construction loan to have the school ready by the end of summer for the 2009-10 school year. They have strong credit and the financials on the property were excellent but all the local banks that they had relationships with were unwilling to make the loan. Granted they liked the charter school loan but they simply don't have the money to lend right now - or they are unwilling to lend it. I suspect a little of both.

Because the various banks had strung out this developer, the charter school wasn't going to be started in time for completition for the coming school year. They had to get a loan in place within 30 days to make the construction deadlines. They called Segway Funding. We met with them in their offices the next day and and immediately set to work. We internally underwrote the loan in two days and ordered an appraisal from a charter school specialists we know. A few days later we had arranged the lender and the race to close began. It was an intense process but in the end the loan was successfully funded and closed. The rate was phenominal and the client was thrilled with the results.

It feels good to know that Segway Funding was able to arrange the charter school loan in shuch break-neck speed. The client is happy, the lender is happy, and most importantly, the kids will be happy in their new charter school building next school year.

Segway Funding specializes in difficult loans. We typically originate hard money bridge loans, private loans, hard money loans, bridge loans, hard money bridge loans, bridge equity, etc. Please feel free to contact charlie crump at 801-273-7700 or visit www.segwayfunding.com.