ST. PETERSBURG, Florida - Bison Financial Group, Inc., a mortgage brokerage firm based here announces the placement of a new $765,000 first mortgage to acquire a 25-room oceanfront motel in Daytona Beach Shores, Florida. The lender was a community bank that Bison has placed multiple loans with since 1997. The borrower, a foreign real estate investor, purchased this asset to complete a 1031 tax deferred exchange. The non-recourse loan was based on 75% LTV with a term of 5 years and an initial interest rate of 7 1/8%.

The property is located on a ½ acre parcel directly on the Atlantic Ocean and is one of the only remaining two-story properties in a sea of hi-rise condos. One of the principals of Bison, Jared Repka, said, "Several hurdles were overcome on this transaction. The biggest being the foreign borrower was not a US citizen and thus did not file US tax returns yet demanded non-recourse financing. After viewing the aerial photos of this outstanding location and confirming the borrower's down payment in a 1031 exchange account, we were able to get the lender comfortable. The borrower traded up to this property from an 8 unit Pinellas County Gulf front motel that will soon be hi-rise condos. It did not take a rocket scientist to figure out that the borrower has similar intentions for this asset."

Bison works with investors and developers nationwide that invest in multi-tenant income producing properties such as apartments, manufactured housing communities, self storage facilities, hotels / motels, shopping centers and office / industrial buildings. Bison has an array of unique and dependable sources of capital that are willing and able to lend on properties in all shapes, sizes, conditions and locations. Bison has closed complex loans on commercial real estate in as little as 11 business days.