Piney Ridge Asset Based Fund, LLC
Trenton, IL 62293, US
Asset Based Lending Fund that provides financing services to real estate investors seeking to take advantage of unique opportunities in the distressed, single family and multi-family residential property markets predominately in trust deed states.
Piney Ridge Asset Based Fund, LLC, through its Manager, Piney Ridge Capital Partners, LLC is a “direct” real estate lender that provides real estate investors with immediate access to short and intermediate-term commercial loans. Current borrowers/property investors often experience difficulties qualifying for a conventional mortgage given the strict lending requirements imposed by most lenders. The Manager understands this growing need for capital sought by experienced investors who seek creative, situational financing within a tight time frame to fund acquisition, construction, and other investment projects. To this end, Piney Ridge empowers real estate entrepreneurs by minimizing obstacles and creating new avenues to seize opportunities that would otherwise be missed.
The Manager’s asset-based lending decisions focus on the financial strength and the underlying value of the collateral that secures the loan in addition to the credit history of the applicant. The length of these loans is generally between six months and two years for amounts ranging from $50,000 – $500,000 and higher.
Loan characteristics of an asset based lender include:
– The underwriting of the loan is more “property” focused than “person” focused.
– Interest rates are higher with private-money lending than with conventional loans. Mortgage rates are sometimes more than double the typical 30-year mortgage rates and can reach 12 to 20 percent per year.
– The approval process often takes just a couple of weeks, as opposed to 30 to 45 days for a conventional loan.
Products / Services
Asset Based Lending (ABL) Fund
Piney Ridge Asset Based Fund, LLC is an Asset Based Lending Fund that provides financing services to RE investors seeking to take advantage of unique opportunities in the distressed, single and multi-family residential property markets predominately in trust deed states. Such investors will represent experienced “fix & flip” rehabbers that have a proven, repeatable formula, within select markets across the nation.
The Fund provides creative, short-term loans with both debt and equity structures that are used in buy and hold, and fix and sell strategies all of which are or will be secured by deeds of trust and mortgages on non-owner occupied real estate. The Fund will be the investment vehicle used for any and all investment opportunities with real estate investors. The goal of the Fund will be to use the vast resources, expertise, and institutional relationships of the Managers to identify and analyze loan portfolios of performing assets that provide opportunistic loan opportunities.
Managing Director Business Development
F Micheal Bridges
Mike Bridges has more than 35 years’ experience in private lending and funding as well as multiple aspects of real estate acquisition and development. He has owned numerous commercial, multifamily, and single family residential properties, developing both commercial properties and residential sub-divisions. He has extensive knowledge and experience managing multiple levels of corporate operations including serving as VP, Community General Hospital, Thomasville, NC. Following retirement as an Officer in the US Air Force, he served as owner and/or operator of numerous health care facilities in multiple states. He has owned and/or controlled and managed hundreds of units of real property. Mike also owned a real estate brokerage and an investment company that bought and rehabbed single family homes. Mr. Bridges holds an MPA from Golden Gate University and a BA from the University of North Carolina at Charlotte. He has overall responsibility for Company development and acquisitions.
M Jason Bridges
Jason has over 20 years of experience buying, selling, and controlling real estate and began his career working as a property manager. In subsequent years he began acquiring properties for his own portfolio and working with his father, Mike, to acquire commercial health care facilities. Jason was a founding member of a real estate brokerage where he was the company’s sole negotiator for their thriving short sale and distressed property business. He has vast knowledge of the residential market and is an expert in negotiating distressed assets, having negotiated approximately $11 million of distressed loans down to $7 million across hundreds of single family houses. Jason and his partners have significant experience investing in mortgage notes having bought and sold numerous non-performing single family residential notes. Jason is a licensed real estate broker in Missouri and holds a BS from Bemidji State University. He has overall responsibility for Company’s day-to-day operations.
Nicholas A Bridges
Nick Bridges has been involved with real estate investing and management for more than a decade. Nick holds an MBA from the University of Phoenix and a BA from Blackburn College. In recent years Nick has overseen multiple real estate rehab projects as well as owned and controlled both residential and commercial properties. Since 2012 Nick has worked as an independently contracted underwriter with First Midwest Services, a mortgage brokerage company. His underwriting responsibilities encompass multiple aspects of data collection, loan file processing, and analysis to determine the viability of proposed loans. He is also a licensed Illinois real estate broker. Nick will apply his understanding of construction and rehab management and loan underwriting to the advantage of the Company.