Team

Director

View Mike Preston's profile on LinkedIn
Mike joined Q10 | Bonneville Real Estate Capital in the summer of 2004. During his tenure with the company, Mike has served in a variety of capacities including the portfolio asset manager, senior loan analyst and currently as a director. As an asset manager, Mike oversaw the annual valuation and inspection of a multi-billion dollar portfolio of loans. As a senior analyst, he underwrote and processed the application and commitment of over $500,000,000 in mortgage financing. Mike has been originating loans for his own account since 2007.

Mike holds a Bachelor of Science degree in Business Management and a Bachelor of Arts degree in Portuguese, both from Brigham Young University. He is also a licensed real estate sales agent in Utah and has continued his education by completing numerous real estate, appraisal and commercial loan origination courses.

Mike and his wife Jamie reside in Woods Cross, Utah, with their six children. Mike enjoys traveling, tennis, golf and college football.

Contact MIKE at 801-323-1090 or mike@brecslc.com


Deals

Property Name: Best Western Landmark Inn
Location: Park City, Utah
Property Type:
Transaction Type:
Loan Amount: $3,500,000
Details: Our client was seeking long-term, non-recourse financing to refinance their existing bank debt and payoff previous partner debt accumulated from prior improvements made to the subject property.  Additionally, our client recently commenced their scheduled PIPs and was seeking additional funds for these completions.

We were able to secure a long-term fully amortizing loan at an attractive interest rate through one of our correspondent life insurance companies.  We were also able to provide financing sufficient to cover all existing debt, the remaining PIP completions and an amount sufficient to fund a future capital reserve account or partner distribution.  Upon completion of the PIPs, the loan also becomes non-recourse.  The process from application to closing went smoothly and the loan closed within 75 days of the application date.

Click here to see more of this property.

More Info: Mike Preston at 801-323-1090 or contact me