CLEARWATER, FL - Bison Financial Group, Inc., a mortgage brokerage business based here announces the closing of a $1,300,000 bridge loan on a 48 unit apartment complex in Sarasota, Florida. The loan was placed with a community bank with whom Bison has closed several transactions in the past two years.

The purchaser was a Colorado based investment group. The loan was structured for a 9 month term at prime interest rate with no personal guarantees. The loan enables the borrower to acquire and renovate the property with a planned refinancing in 6-9 months based on significantly higher post renovation rents. "We had many moving parts on this transaction," comments Jared Repka of Bison, "there were potential environmental concerns due to a private waste water treatment plant and significant rehab happening both before and after closing. It required the right lender that understood the desirability of Sarasota real estate."

According to David Repka, President of Bison, “Time is of the essence in successful deal making. We continue to work diligently toward the new millennium and maintain the ability to close transactions before year end.” Bison Financial Group, Inc. specializes in arranging debt and equity capital for commercial real estate and transactions with intense time pressure.