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Lindell's latest: Bridge banking


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  • | 5:28 a.m. May 6, 2011
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Carl Lindell Jr. has been successful in prior decades selling new cars and developing real estate. Now he's trying a new avenue, one that he maintains does what most banks won't.

Late last year he established Lindell Capital, a bridge-loan enterprise that has financed just more than $6 million so far. Recipients of the loans include resort owners, land buyers and high net worth individuals needing quick access to extra cash, he says.

“They deserve to get a loan,” Lindell tells Coffee Talk, adding that commercial banks still appear unwilling to lend even as economic conditions show signs of improvement. “The doors are open and things are happening again.”

Lindell Capital's philosophy is to “provide efficient, solid and professional transactions” ranging between $100,000 and $2 million each, according to its website. The financing isn't cheap, with low double-digit interest rates, but many transactions can be completed in a single day with terms up to three years and loan-to-value ratios up to 80%.

However, Lindell isn't just throwing money around to whoever says they need it, which is the perception of how banks operated in the 2000s. He will only make loans where the principal is protected, and he has two other principals, Dennis Slater and Jack Weisser, to help him make sure the deals make solid financial sense.

Lindell has been a Tampa resident since 1969, when he took over his father's Kennedy Boulevard auto dealership. He held on to the business until 2004, selling to Orlando dealer Jason Kuhn, and tur¬ned his attention to real estate, in which he experienced hits and misses.

He sees Lindell Capital as a new way to stimulate business growth and believes he has the resources to finance up to $10 million. “After 41 years,” he says, “my credit's pretty damn good.”

 

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