CLEARWATER, FL - Bison Financial Group, Inc. a mortgage brokerage business based here has arranged and closed a loan to acquire a 56 unit apartment complex located in Largo, Florida. The loan amount was $1,528,000 which represented approximately 90% of the purchase price. The borrower is a limited partnership whose general partner has quietly gained control of over 1,000 apartment units in Florida in the last year and a half.

The loan was originated through Bison's exclusive "No Bull" loan program. The lender was a New York based private investment group that has greatly streamlined the lending process. Loans in this program fund up to 90% of the acquisition price, do not always require a pre-closing appraisal and environmental assessment and do not have personal recourse to the purchaser. "Because of the limited documentation and third party reports required of this private program", said David Repka, President of Bison, "we are able to close loans very rapidly. Our record so far is 11 days from first contact with the borrower to funding."