Nov. 21, 2006 – Dallas, Texas — Newly founded BMC Construction Lending announced on Tuesday, November 21, 2006, that it originated its inaugural loan. The $1.2 million loan will function as a bridge loan for raw land located at Sawyer 290 Crossing in Dripping Springs, Texas. The property is a 10-acre site with excellent frontage along Sawyer Ranch Road and US Hwy 290.
“Originating its first loan in just over 30 days shows that BMC Construction Lending has made great progress in a short time,” says John O’ Shea, CEO of BMC Construction Lending. The loan was originated for a Texas borrower who plans to build a retail center on the property in the near future.
“We’ll work with this client to provide a loan for the next phase of construction in 90 days,” says O’Shea. “We’re ecstatic to have completed our first deal and look forward to closing many more.”
About BMC Construction Lending
BMC Construction Lending is a real estate lender who provides construction, bridge and mezzanine loans in the $2 to $25 million range. Headquartered in Dallas, BMC Construction Lending finances real estate in all 50 states.
For more information on BMC Construction Lending, contact:
CEO, BMC Construction Lending
3100 Monticello Avenue, Suite 400
Dallas, TX 75205
— End —